BDO is leading the transition to a cashless society
26 June 2022
In addition to preparing for the sudden increase in demand for contactless financial transactions during the pandemic, the transition to a cashless society BDO launched its BDO Online and BDO Pay mobile apps to make bank services more readily available and convenient in the new normal. BDO customers can access BDO Online and BDO Pay on their computers or mobile devices to pay bills, send money, and check their bank accounts.
A society that does not primarily use cash for financial transactions is known as a cashless society. Rather, settlement of purchases takes place electronically through the use of credit or debit cards, mobile or internet payment apps, or even QR codes.
Cashless transactions came in handy during the peak of the COVID-19 epidemic when mobility was severely restricted for safety and health reasons. The use of online banking and digital payments increased as more Filipinos turned to them as alternatives to branch banking.
The Bangko Sentral ng Pilipinas (BSP) views cashless payments as a way to increase financial inclusion as well as a substitute for traditional banking transactions. It acts as a gateway to various financial products including savings, loans, and insurance in addition to those provided through regular channels, particularly for underbanked and unbanked Filipinos.
“Cashless payments must be simple to use and available to everyone if they are to be a useful instrument for promoting financial inclusion. BDO offers options for consumers who want to conduct their financial transactions digitally using our online banking and cashless payment systems, according to Roy Villareal, head of digital banking for BDO’s consumer banking group.
“BDO intends to include financial wellness into the Filipinos’ expanding digital lifestyle. More than 100% of the population in the country has access to a mobile phone. BDO offers digital banking options that Filipinos may access via their smartphones in addition to expanding our network of branches and ATMs around the nation, according to Villareal.
“BDO’s mobile apps give our clients instant access to the financial data they require. These digital solutions provide control over one’s funds in addition to convenience, he continued.
BDO wants to assist the BSP in promoting cashless transactions and advancing financial inclusion in the nation with the help of its new mobile apps.
