MYTHBUSTED: The plain truth about going cashless

Published October 28, 2019, 3:10 AM

by MB Lifestyle

One of the great things that technology has given birth to is the growing number of options for cashless transactions. It has now become easier to pay for purchases in-store (via physical cards or apps through QR codes) and check-out carts online.

It is understandable, however, that there may be some people who are still hesitant to take the leap and try to go cashless. These hesitations are almost always due to mistaken assumptions about technology. Let’s help you get through the facts, debunk myths, and have the confidence to go cashless.

Paymaya dont pay cash

MYTH: Oh, I’m afraid that cashless transactions are not secure. 

In fact, going cashless allows for a more secure payment  system. Every transaction is recorded—you are informed when, where, and how much was spent for a particular transaction. In fact, you get notified via SMS whenever a transaction was made using your account. When there are questionable transactions, you can easily get in touch with your provider to report the issue.

What is crucial here, though, is to always secure your account’s  password (change your passwords regularly and never ever tell them to anyone) and your mobile phones (enable phone tracking and if, unfortunately, you lost your phone, make sure to call your provider and disable all payment and banking apps). Also, make sure never to share your account details with anyone.

MYTH: Cash or cashless, it’s just the same banana. 

There are actually more perks when you go cashless. Apart from not worrying about paying the exact amount (or not getting correct change) or carrying small denomination coins in your pockets, digital payment providers often offer discounts and promotions. For instance, PayMaya lets you earn cashbacks for minimum and/or accumulated purchases. This is something you can’t get from paying cash!

MYTH: I’m giving too much personal information when going cashless.  

No, not really. When you have filled out registration forms for digital payments, the data that has been provided there are securely kept, following the privacy laws of the country. And whenever you’re paying via these digital platforms, you are not providing merchants with too much information—at the very least, they could only get your  name and mobile numbers. As partners, they are also required to follow the provider’s privacy policies pursuant to the Data Privacy Act. With mobile wallet apps like PayMaya, you know your data is secured because they are regulated by the Bangko Sentral ng Pilipinas.

MYTH: There’s a limit to where I could go cashless. 

Surprise! You can even go cashless when dealing with some market vendors in Zamboanga and street food vendors in Mandaluyong. PayMaya, for instance, has made its platform available to thousands of merchants across the country, and even with e-Commerce platforms here and abroad, so you can spend to your heart’s content practically anywhere without having to pay with cash.

MYTH: Going cashless means paying more for additional fees. 

You can pay merchants using your account without any additional fee—yes, you pay as is. If the cost of service or product you’re purchasing is P500, you will only have to pay P500 and nothing else! Topping up your account shouldn’t be an issue, as well. For PayMaya, you can conveniently top your account using your debit card (for upgraded accounts), your bank’s online mobile app (via Bills Payment or Instapay), or go to any of its more than 40,000 add money partners nationwide (e.g. banks, convenience stores, pawnshops, self-service payment kiosks).

There’s really nothing to be wary about when going cashless, it’s a matter of choosing the best-suited, most convenient, and safest platform. To live #InTheMoment we must maximize the use of these technologies to our advantage. So don’t pay cash, PayMaya! With all the security features, convenience, and perks, you have the full confidence of going cashless when you get a PayMaya account.

To know how you can maximize your account, visit www.paymaya.com/deals.

 
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