A cashless society is one where cash is not the primary mode for financial transactions. Instead, transactions are settled electronically using credit or debit cards, mobile or online payment apps and even QR codes.
The Bangko Sentral ng Pilipinas (BSP) considers cashless payments not only as an alternative to banking transactions, but also as a means to promote financial inclusion. It serves as a gateway, especially for unbanked and underbanked Filipinos, to other financial products such as savings, loans and insurance.
“To make cashless payments an active tool to promote financial inclusion, it needs to be easy to use and accessible for everyone. With our online banking and cashless payment platforms, BDO provides alternatives for those who wish to do their financial transactions digitally,” said BDO consumer banking group digital banking head Roy Villareal.
BDO primed its digital banking channels and launched its BDO Online and BDO Pay mobile apps not just to address the sudden demand for contactless financial transactions during the pandemic, but to make bank services more accessible and convenient in the new normal.
“BDO wants to integrate financial wellness into the growing digital lifestyle of Filipinos,” Villareal said.
“BDO’s mobile apps allow our clients to have the financial information they need right at their fingertips. More than the convenience, what these digital solutions offer is control over one’s finances,” he added.
With its new mobile apps, BDO aims to help the BSP promote cashless payments and advance financial inclusion in the country.