Cashless economy
Picture a nation where transactions are seamless, effortless, and oh-so-convenient. Welcome to the Philippines of tomorrow—a thriving cashless society where mobile wallets, digital banking, and cryptocurrencies reign supreme.
With accessible Internet and user-friendly software, going cashless is no longer a luxury but a way of life for all Filipinos, from the bustling city streets to the far-flung corners of rural regions. Whether it's tapping your national ID card or flicking your smartwatch, digital finances are at your fingertips, empowering you to pay, save, and invest with ease.
Finally, Filipinos can bid farewell to the hassle of cash and embrace a future where transactions are as simple as a swipe or tap. The cashless revolution is here now!
You can easily pay for your fare in modernized jeepneys. Simply connect your card to your smartwatch, then tap the attached payment processor. Then, you're good to go!
Filipinos can have all their debit cards, credit cards, and e-wallets linked to their national ID.
Ronnie, a middle-aged Filipino, finds himself intrigued by the concept of cryptocurrency. Despite his initial apprehension about technology, Ronnie takes a leap of faith and downloads a user-friendly app recommended by a friend. To his surprise, navigating the world of cryptocurrency feels surprisingly intuitive, with the app guiding him through the process step by step. With newfound confidence, Ronnie begins to explore the world of digital currencies, gradually mastering the art of transactions and investments from the comfort of his own home. As he watches his investments grow, Juan realizes that age is no barrier to embracing the future of finance in the Philippines.
Selected Quotes
...I don't know if it's a good thing or a bad thing that I want [a] cashless economy. I guess a pro of that is [that] it's cleaner, [and] there is more [traces] of [transactions]: you can't bribe, you can't be corrupt, or you can't launder money as much. So you know, on that side it's good. But at the same time, my main question is: by 2040, [would] everyone [here be] at least literate in tech? Can we actually do a cashless economy? Things like that. But in terms of finance, like, yeah, that would be cool. Like, there doesn't even have to be phones; it could be like even a card economy. In other countries, it's card-first, and that's just a piece of plastic that I'm pretty sure we can distribute to everyone. So yeah, I guess that would be cool. Like everyone has a card...or like everyone has, [I mean] we already have our national IDs. So what if finance is tied to our national ID?
...So I think by 2040, ideally there would still be central banking, [and] there would still be crypto, pero yung matitira na lang yung mga central, [at] yung mga pinakamalalaking crypto. Mamamatay yung mga dati.
...[T]he onboarding experience with crypto is atrocious still...So the gold standard here is that...every phone already has biometrics, [like] your thumbprint. It also has a little bit of eye stuff, but that's a little bit more rare. What you are hoping for is that you can eventually use your thumb, your voice, or your face to log into your crypto wallet. And that technology is almost there. We finally have kind of like a way to do that. And I think that if we get to that point, then...all of that pain that you felt when you were...creating your Metamask wallet for the first time, it goes away. Because now, it's more like: open your Metamask wallet, register your thumbprint, and that's it. You're done; you're already ready to go. That's what we're looking for, and when we get to that point, I think that...we'll get so many more users because you don't have to explain all of this other stuff. Now, the the fact that I have to create videos explaining how to create your Metamask wallet or open your account...it's ridiculous, right? I mean, that's like...I guess in the early 2000s, people were probably making tutorials about how to create your first Gmail account...we shouldn't have to, right. You don't get the mass adoption by having to watch Youtube videos about just opening an account. So I think that...we'll definitely see some some improvements there. But of course, wallets like Metamask have to adopt it first. So that's kind of the the big challenge...I think, that the onboarding process is really painful.
Maybe interest rates would be much higher in banks. Maybe every year, instead of like point something percent, I can get 20% of my money in my savings account.
The other thing too is that...20,000 currencies is a lot...Filipinos are used to thinking about 2 [currencies], usually. So that's your peso and...Ask your average Filipino; they [probably] have a pretty good idea what the dollar exchange rate is. So we're very aware of [how] the USD kind of...interacts with the peso. But that's it. We're only really used to those 2 things. I guess what I would really like to see eventually, and people are working on this too, is some kind of universal wallet where when you pay for anything, it'll just kind of figure out what the most optimal cryptocurrency in your wallet to use is, and it won't [have to] ask you. So I guess there's some AI stuff here and definitely you have to kind of really trust it and all of that stuff. But like the idea that everyone can transact with everyone...there's a super messy spaghetti technology underneath...that would make that possible. But people are working on it right now. The idea that...you don't have to think about what crypto is, which one do I need to pay for this particular thing...forget it. All of that stuff [is] not necessary; it'll just kind of make decisions for you intelligently.
...[The] first thing that I thought [of] is the use of blockchain technology, [and] advances of Web3...hopefully, we'll have a more secure web and at the same time...mas democratized na yung financing...rather than staying with big banks...So [when it comes to] that kind of finance, I am bullish on and optimistic [about]. And hopefully, we embrace more accessible [modes of transaction], meaning even to the point of cashless. And then [aside from that], [I envision] more people having access to digital payments as well. So a lot of people are still unbanked in the Philippines. So I'm bullish on opportunities like that. I mean, marami can have access to that kind of system. Especially loans that they need, rather than certain people having access to loans and financial opportunities.
...I mean, yeah, people still use GrabPay, [and] Gcash, but I feel like the Philippines is easily swayed if there's a really good banking digital app that comes along that can let you do a lot of things, especially [buying] stock, [transferring] money without fees, [and] has a really good credit card...So I think the big thing with Filipinos is transferring money from somewhere to somewhere in general. So if there's a digital bank that makes [this process] easy, [and] takes advantage of my digital identity as well, that'd be great.
...[T]hat's [the] sort of the dilemma right now in finance and banks...How can I make a financial institution that is secure, while also not so hard to use to attract users. There are cons to that, let's say, BPI, BDO,, these banks are secure, but they are rather difficult to get into. You're gonna need a couple of documents. You're gonna have to have a visit, stuff like that. On the other hand, GCash is very easy to do. You just need to provide to an ID. I don't know if they have checking, but that could be fake. But they are on the opposite ends. BPI is safe, banks are safe and secure, but are hard to get into. Mobile wallets are not so safe, but are easy to get into, so I hope they can converge into something in the future where your date, your data is safe, your privacy is safe, your you won't get scammed. But in the meantime it's it's still very easy to use, and it can be inclusive of everyone that may be able to benefit.
