Despite the rise of various payment options, cash remains a staple for many Filipino consumers. This mode of payment, after all, is accessible, easy to use, and accepted almost everywhere.
For many, handling physical money still feels like the simplest way to manage day-to-day expenses. There’s no denying the fact, however, that more people are beginning to recognize the convenience and benefits offered by alternative payment methods such as e-wallets.
This might leave you wondering: when is it better to pay with cash, and when should you turn to e-wallets? To help you decide, here are some scenarios when using an e-wallet Philippines’-based consumers trust is a better option:
1) Online Shopping
When you’re purchasing something online, using an e-wallet is simply a much faster and safer way to complete your transaction compared to paying with cash. Online stores and apps are often linked to various e-wallet platforms like Maya that let you check out goods with just a few taps. You won’t have to deal with typing in card details or worrying about sharing sensitive information with the wrong website. In this scenario, opting for e-wallets is an effective means of streamlining the entire payment process and ensuring that you get what you need quickly and securely.
2) Shopping in Physical Stores
On top of being a convenient option for paying for online purchases, e-wallets are a fast, contactless way to complete in-store transactions as well. Using your phone, you can simply scan a QR code to pay for your purchase. This is especially convenient in busy environments like grocery stores or fast-food chains, where QR codes have also become the norm given that speed and efficiency are a priority for buyers and sellers alike.
Additionally, contactless payments using QR codes minimize physical contact, which is a big plus when your hygiene is a concern. This benefit, alongside the speed and convenience of using a QR code compared to traditional card swiping, make an e-wallet the essential choice for shopping.
3) Splitting Bills with Friends
If you’ve ever been in a situation where splitting a bill with friends has become a hassle, e-wallets can be your solution. Whether it’s for a meal at a restaurant or a shared gift, e-wallets make sending and receiving money a quick and simple process.
Using your e-wallet, you can instantly transfer funds to friends and family without needing to go to an ATM or fumble with cash. When you’re paying the tab at a restaurant, for example, one friend can settle the bill through a QR code transfer and the others can simply use their Maya wallets to reimburse the payer the exact amount they owe–no pressure to wait until cash is available or to demand change. This method not only saves time, but also ensures that everyone gets paid back promptly.
4) Maximizing Loyalty and Reward Programs
Many e-wallets are integrated with loyalty and reward programs, which means that using them allows you to enjoy exclusive perks. Each time you pay with your e-wallet, you could be earning points, cashback, or discounts. In the case of your Maya e-wallet, you could be rewarded for High Engagement Banking and a boost on your funds after you’ve fulfilled requirements like a spending minimum for Bills Pay, Load, QR Ph, and the like. Over time, these rewards can add up, resulting in benefits that simply don’t exist when you’re only using cash.
5) Paying for Subscriptions
E-wallets promise a reliable and secure way to handle monthly charges for subscription services, such as streaming services like Spotify and Netflix or cloud suites like Google One, all while minimizing the risk of forgetting to pay for these recurring charges.
Since e-wallets store your payment information, you don’t need to worry about manually and repeatedly paying for multiple subscriptions. You can also make use of the e-wallet’s auto-debit features if these are available and never be behind on your bills. Put simply, your e-wallet is a hassle-free way to stay on top of all your services.
6) Making International Payments
Sending money abroad has always been tricky with cash. E-wallets, on the other hand, make international transactions much easier and faster. If you have family or friends overseas, or if you’re purchasing products from foreign vendors, e-wallets can help you avoid the high fees and currency exchange stresses that often come with cash transactions. With just a few taps, you can send or receive funds securely from anywhere in the world.
7) Participating in Microtransactions
For small purchases, such as a cup of coffee, a ticket on the P2P bus, or mobile game credits for your favorite game, using e-wallets can be more practical than paying in cash. If you’re buying something inexpensive, it can be a pain to find exact change when you’re using cash.
E-wallets eliminate that issue by letting you pay the exact amount with ease. Plus, many local stores and street vendors are now accepting e-wallet payments through QR code, making it an increasingly convenient option even for the smallest transactions.
8) Paying for Emergency Needs
In times of emergency, e-wallets can be a lifesaver when you don’t have cash on hand. It’s quick and easy to use e-wallets to instantly transfer money to a family member in need or to pay for something unexpected, like an emergency visit to your nearest clinic.
With this payment option on your phone, you won’t have to worry about finding an ATM or getting to a bank within its operating hours. Just open your e-wallet app, which is available 24/7, and you can send or receive the necessary funds right away.
9) Addressing Security Concerns
Carrying large amounts of cash can be a bit risky, especially in unsafe areas where theft typically takes place. Reduce this risk by using e-wallets, as these are typically protected by passwords, PIN codes, and encryption. If your phone gets lost or stolen, your money is still safe behind layers of security provided by the e-wallet. This added protection gives you peace of mind, especially in situations where security must be your top priority.
Ultimately, using the right payment option can help you manage your finances better and make life more convenient. While cash will always have its place, e-wallets offer several advantages in specific situations. Know when to use each option, and you can gain greater control over your money and enjoy the perks that come with going digital.
