Digital economy should be inclusive
May 9, 2023CitizenWatch Philippines urges local government executives across the country to introduce cashless payments to their constituents in the grassroots economy.
The benefits of digital technology must be felt by all.
There is a significant amount of economic activity going on in markets, in public transportation, and in the fields. These are still mostly cash-based, but we believe people will shift to cashless once they see the benefits and, more importantly, once they are shown how.
Some stores are already using QR codes to facilitate cashless purchases. They can scan it with their smartphones and confirm payments in seconds. No more exchanges of cash and finding change. It’s so convenient. It’s also safe — no more risks of cash being taken by thieves.
Then again, convenience is just one thing. The adoption of cashless payments like GCash would open up to other financial services like loans, savings, investments, and others to market vendors, community shopkeepers, tricycle operators and drivers, farmers and small merchants.
Specifically, we call on our local executives to work with the Bangko Sentral and the Department of the Interior and Local Government in the rollout of Paleng-QR Ph Plus, which aims to promote cashless payments in public markets and local transportation, particularly tricycles across the country.
The program targets to occasion change in markets and public transport, because these are basic components of an average Filipino’s typical payment pattern, according to the Bangko Sentral.
The pandemic-induced lockdowns introduced millions of Filipinos to the benefits of cashless payments. Consumers learned to trust cashless transactions even after their initial hesitation. Eventually, many of us now prefer going cashless in our daily purchases.
This experience does not have to be limited to those working in offices or bigger businesses, or to the younger generation who are digital natives. Vendors and drivers, once they experience going cashless, will likely prefer this over their usual ways,
Paleng-QR is a great opportunity to introduce all Filipinos to the formal financial system, which can eventually provide them opportunities to start and grow their business. Digital payment platforms are an indispensable tool of the digital economy, and we want all Filipinos to participate in this thriving, promising economy.
Atty. Kit Belmonte
Co-convenor