Inclusive digital economy pushed

MANILA, Philippines — An advocacy group championing consumer rights has called on local governments to encourage their constituents in the grassroots to shift to cashless transactions, saying the benefits of digital technology must be felt by all.

“The use of technology should be extended to market vendors, community shopkeepers, tricycle operators and drivers, farmers and small merchants,” said Christopher Belmonte, co-convenor of CitizenWatch Philippines.

“Convenience is just one thing. Aside from this, the adoption of cashless payments like GCash would open up to other financial services like loans, savings, investments and others.”

According to Belmonte, there is a significant amount of economic activity going on in markets, in public transportation, and in the fields.

“These are still mostly cash-based, but we believe they will shift to cashless once they see the benefits and, more importantly, once they are shown how,” he said.

Belmonte is urging local executives to work with the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government in the rollout of Paleng-QR Ph Plus, which aims to promote cashless payments in public markets and local transportation, particularly tricycles across the country.

Paleng-QR was inspired by student policy competition finalists from the University of the Philippines-Los Baños in 2021.

The program targets to occasion change in markets and public transport, because these are basic components of an average Filipino’s typical payment pattern, said the BSP on its web site.

“Until a market vendor and a tricycle driver can accept digital payments, transitioning to cashless transactions would be difficult for an average Filipino consumer,” the BSP added.

“Some stores are already using QR codes to facilitate cashless purchases. They can scan it with their smartphones and confirm payments in seconds. No more exchanges of cash and finding change. It’s so convenient,” Belmonte said.

“Also, important for both seller and buyer is the digital record of the transaction,”

It’s also safe, he added. “No more risks of cash being taken by thieves.”