Clearly, the BSP sees the benefits of going cashless. Cash is costly to handle – you need to employ people to count, store or transport it, hence the fees banks charge consumers. It can also be dangerous to carry around.
On the other hand, mobile and other digital payments are quick and easy to scale, which translates to lower fees. They’re also transparent, as transactions are recorded electronically and can be tracked.
Most important of all, they allow the poor and unbanked to participate more broadly in the financial economy.
That’s why the central bank is doing its best to pave the way for a cash-lite society. It may be some way off, but experts think the Philippines is on the cusp of a digital payments revolution.
Tell you what, in some items you need eagle eyes!
In November of 2009, Chikka was bought by Smart. I was only a year young in the company. Changes were for the better. Progress is always good.
During the latter part of 2014, Chikka began merging under Voyager Innovations. Our little pail of water world was suddenly thrown into a pool. Work became more challenging. Stepping up became a necessity for survival. Changes were for the better. Progress is always good.
On this day of October 2018, the pool is overflown. KKR and Tencent invest in Voyager Innovations. The future is brighter than ever. The now, more exciting with challenges.
This is a watershed moment not only for Voyager Innovations but also for the Philippines. With this investment by KKR and Tencent, we will trigger an inflection point in digital adoption and financial inclusion in the country. Orlando B. Vea, President and CEO of Voyager Innovations
Throughout my career, I’ve met and worked with a class of talented people in the tech industry. Mentors and coaches have imparted invaluable lessons that are ingrained in my leadership values.
Changes are for the better. Progress is always good.
Working on a new WordPress Theme called NTT (entity).