It’s Still Important to Have Cash in a Fast-Digitizing Philippines

In the Philippines’ fast-digitizing financial landscape where digital wallets and contactless payments now flourish, having cash ready anytime might seem not that important anymore. However, there are several reasons why having cash on hand remains one of the most important, if not the most important thing you should have.

You don’t want a great dinner ruined because of maintenance downtime
While digital payment platforms like GCash and Maya offer great convenience to Filipinos, they can occasionally experience technical glitches or maintenance downtime. Imagine going out for a nice dinner with a special someone, only to find out that the digital payment option you rely on is temporarily unavailable. Having cash ensures you’re not caught off guard by technical issues that would ruin an otherwise great date night.

Flexibility in Everyday Transactions
Cash is versatile. From street vendors, and small local businesses to public transportation, there are numerous instances where having physical money is essential.

Not all establishments have embraced digital payments yet, and relying solely on digital wallets might limit your options.

Emergency Preparedness
In emergencies, cash still reigns. Whether it’s a sudden power outage disrupting digital services or an unforeseen event where digital payments aren’t feasible, having cash readily available can be a lifesaver.

It provides you with the ability to address urgent needs without relying on functioning technology.

Cash Makes Small Transactions Simple
For small purchases like a cup of coffee, a quick snack, or minor public transportation expenses such as jeepneys, cash is the most efficient option. Using digital wallets for these minor transactions might not always be practical.

Cash serves as your safety net in a rapidly digitalizing society. While digital payment methods are now being embraced by people all over the country, having physical money ensures you’re prepared for any situation, whether it’s an unexpected technical glitch or the need for quick, small transactions. In the Philippines, where the digital landscape is evolving swiftly, carrying cash remains an important practice. (GFB)