A Public Market is Turning 'Cashless' in the Philippines

[aoluain]

Its still a FIAT system but the whole cashless society scenario is gaining
traction. To see a market turning cashless is surprising IMO. I would imagine
Most of the transactions would be of small values.
In my country we gave "tap and go" transactions payable by card for anything
below €30. We dont have to use chip and pin and there is no minimum that i
know of.

[Pattart]

I think for the non-cash payment system it has developed several years ago, but still uses a conventional bank system, where transactions are made by transferring from an account to another account, along with the development of conventional bank system technology is now being abandoned and turning to the blockhain system who do have transaction fees that are very frustrating because they only need miners to confirm their transactions, the transactions carried out do not even have a limit on the amount and distance,

That's right in many countries noncash payment has also started to be used a lot. but cash payments are still being used because some places have not yet received digital payments, Philippines including developing countries, if developing countries already have a good development in online payments, of course developed countries have been more great than this?

[StacksCity]

China has achieved a higher adoption rate on mobile payment than any other major economic entities in the world.

[darklus123]

China has achieved a higher adoption rate on mobile payment than any other major economic entities in the world.

do you have any datas or graphs that supports your claim?  But if i will be analyzing it this is really possible if we are going to consider the current population of china plus their addiction with the technology.

But still it is just great to see that Philippines are making a move towards this innovation

[Irvinn]

'The new Marulas Public Market in Valenzuela City is the first-of-its-kind ‘DigiPalengke’ initiative in Northern Metro Manila where an entire marketplace is equipped to accept mobile cashless payments.'

https://pia.gov.ph/news/articles/1015376

--

This is quite interesting since even a public market where most of the time common folk buy their everyday needs is accepting digital payments. While this is not entirely related to cryptocurrency, it's as if the people are slowly seeing the convenience and security cashless payments offer to their everyday lives. For years, scan-to-pay stores are just confined within the walls of malls and luxurious places but it seems that we're slowly bringing it to the masses and eventually, it will be the norm to pay only with our smartphones and pre-loaded accounts--and in the future, possibly even cryptocurrencies.

I do not think that the transition to non-cash forms of payment will be supported by all members of society. I don’t know how in the Philippines, however, in my state there is an inscription on banknotes that a bill is obligatory to be received and paid throughout the state and by all enterprises, institutions and organizations, regardless of the form of ownership. Therefore, if someone does not accept national paper money, anyone can go to court and will be forced to accept government cash. And it is right. Not everyone can or wants to use non-cash forms of payment and that is his right.
Cash national paper money of the states will exist as long as the states exist.

[PlusOne88]

I have never heard about such but should this be true I think this is one of a kind and a starter to those who would like to make their first steps towards cryptocurrency development in general. This could help as a pivotal lead towards the use of digital technologies in the Philippines. I just hope that even with the unfavorable market experienced as of now they will really be still in the line to promote cryptocurrency.

[Bitfling]

RIght now, many country developing cashless society for their people. Cashless society can reducing money laundering and its more traceable for government to collect taxes. As far i know, sweden is step ahead compare others country in the world in cashless society, not more than 2% paper money circulation

[ecnalubma]

This is great, wether we like it or not we will be slowly transforming to cashless society in the near future this are just small steps for change. Countries adopting cashless payment and crypto will never be left behind and will have advantage over Emerging technology, Philipppines is a good example of country that adopts changes and know how to utilise it.

[noormcs5]

China has achieved a higher adoption rate on mobile payment than any other major economic entities in the world.

China started well in adopting bitcoin and blockchain but then they slow down. They banned crytpo & ICO and lost their way to be a leader in blockchain technology. Philippines, on the other hand are taking positive steps towards adoption and legalization of digital currencies in their country.

[FlightyPouch]

This is great, wether we like it or not we will be slowly transforming to cashless society in the near future this are just small steps for change. Countries adopting cashless payment and crypto will never be left behind and will have advantage over Emerging technology, Philipppines is a good example of country that adopts changes and know how to utilise it.

I know what is happening in the Philippines and I don't see that much change despite people know and use Bitcoin. People are still using fiat, they are still uaing their debit and credit card to pay online and offline through malls and shops. If there will be a country that is a good example in terms of adapting and changes, that would be Japan as they are the first one to accept as a whole this crypto currency.

[TitanGEL]

'The new Marulas Public Market in Valenzuela City is the first-of-its-kind ‘DigiPalengke’ initiative in Northern Metro Manila where an entire marketplace is equipped to accept mobile cashless payments.'

https://pia.gov.ph/news/articles/1015376

--

This is quite interesting since even a public market where most of the time common folk buy their everyday needs is accepting digital payments. While this is not entirely related to cryptocurrency, it's as if the people are slowly seeing the convenience and security cashless payments offer to their everyday lives. For years, scan-to-pay stores are just confined within the walls of malls and luxurious places but it seems that we're slowly bringing it to the masses and eventually, it will be the norm to pay only with our smartphones and pre-loaded accounts--and in the future, possibly even cryptocurrencies.

It is the best way for us to have cashless society, the businesses should first accept digital currency for the customers to have a reason to patronize it. I am sure that they are now experiencing better transaction than before through the use of digital currency.

[Sama517]

'The new Marulas Public Market in Valenzuela City is the first-of-its-kind ‘DigiPalengke’ initiative in Northern Metro Manila where an entire marketplace is equipped to accept mobile cashless payments.'

https://pia.gov.ph/news/articles/1015376

--

This is quite interesting since even a public market where most of the time common folk buy their everyday needs is accepting digital payments. While this is not entirely related to cryptocurrency, it's as if the people are slowly seeing the convenience and security cashless payments offer to their everyday lives. For years, scan-to-pay stores are just confined within the walls of malls and luxurious places but it seems that we're slowly bringing it to the masses and eventually, it will be the norm to pay only with our smartphones and pre-loaded accounts--and in the future, possibly even cryptocurrencies.

I am not particularly surprised about this news. The entire country of Philippines is already having a mass adoption of cryptocurrency especially bitcoin. So, digital payment is already popular in that country.

[TravelMug]

'The new Marulas Public Market in Valenzuela City is the first-of-its-kind ‘DigiPalengke’ initiative in Northern Metro Manila where an entire marketplace is equipped to accept mobile cashless payments.'

https://pia.gov.ph/news/articles/1015376

--

This is quite interesting since even a public market where most of the time common folk buy their everyday needs is accepting digital payments. While this is not entirely related to cryptocurrency, it's as if the people are slowly seeing the convenience and security cashless payments offer to their everyday lives. For years, scan-to-pay stores are just confined within the walls of malls and luxurious places but it seems that we're slowly bringing it to the masses and eventually, it will be the norm to pay only with our smartphones and pre-loaded accounts--and in the future, possibly even cryptocurrencies.

I am not particularly surprised about this news. The entire country of Philippines is already having a mass adoption of cryptocurrency especially bitcoin. So, digital payment is already popular in that country.

One thing I would love to see Philippines though is to become a leader in Blockchain technology and not just to adopt crypto. If you look at the crypto summit along southeast asia, I don't see anyone from the Philippines representing them, I see a lot from Singapore and even Thailand but why we don't have someone from the Philippines you have embraced crypto so much more than any other country in Asia.

The Philippines is also a tech hub, lot of good developers around so I really don't understand why they still lack the good exposure. Anyways, yes let's hope that the country would really move forward to the next 5-10 years and adopt crypto and even cashless society.

[darklus123]

I know what is happening in the Philippines and I don't see that much change despite people know and use Bitcoin. People are still using fiat, they are still uaing their debit and credit card to pay online and offline through malls and shops. If there will be a country that is a good example in terms of adapting and changes, that would be Japan as they are the first one to accept as a whole this crypto currency.

It is because Japan has always been a wealthy country. And simply Philippines isn't. It is much easy for them to use crypto since they have services that can easily trade from crypto to fiat.

Yet, the fact that Philippines is trying to use innovations is a good start

[patz22]

~

~

I have to disagree that Philippines has mass adoption in crypto because compared to other countries ours have small percentage in terms of using crypto but yes we are a trend follower. This would be a good start and afterwards theres a possibility of accepting crypto but see it should start from the leaders of the country.

[bitgolden]

I think for the non-cash payment system it has developed several years ago, but still uses a conventional bank system, where transactions are made by transferring from an account to another account, along with the development of conventional bank system technology is now being abandoned and turning to the blockhain system who do have transaction fees that are very frustrating because they only need miners to confirm their transactions, the transactions carried out do not even have a limit on the amount and distance,

We have a lot of high end countries like UK and USA leading the way to regulate and tax crypto business and people who deal with crypto, we have a lot of smaller countries like carribeans and philippines doing this kind of stuff we now just need more middleground countries like estonia, south africa, singapore or whatever to do deal with crypto properly as well and we need the Nasdaq version of those countries to actually pull off some sort of official ETF so the crypto world could get higher from those countries as well.

Wall Street putting money into crypto is always welcomed but wall street would be small compared to tens of countries official ETF publication getting attention, that would combine will worth a lot more than what we have right now in crypto already. It could quadruple our volume.

[charlotte04]

'The new Marulas Public Market in Valenzuela City is the first-of-its-kind ‘DigiPalengke’ initiative in Northern Metro Manila where an entire marketplace is equipped to accept mobile cashless payments.'

https://pia.gov.ph/news/articles/1015376

--

This is quite interesting since even a public market where most of the time common folk buy their everyday needs is accepting digital payments. While this is not entirely related to cryptocurrency, it's as if the people are slowly seeing the convenience and security cashless payments offer to their everyday lives. For years, scan-to-pay stores are just confined within the walls of malls and luxurious places but it seems that we're slowly bringing it to the masses and eventually, it will be the norm to pay only with our smartphones and pre-loaded accounts--and in the future, possibly even cryptocurrencies.

Hope that market still opens now since the price of Bitcoin is ridiculously low and it hasn't affected much of the sales. But I guess they are referring to a FIAT that transfer from their mobile phones  to other.

[jjjfff]

What if power goes down in such a market?

What if lightning strikes the cell phone or wireless network tower?

What if a massive virus attack takes down the payments processing system?

IMO going completely cashless is a risky move.

[MFahad]

Its still a FIAT system but the whole cashless society scenario is gaining
traction. To see a market turning cashless is surprising IMO. I would imagine
Most of the transactions would be of small values.
In my country we gave "tap and go" transactions payable by card for anything
below €30. We dont have to use chip and pin and there is no minimum that i
know of.

Sooner or later whole of the world will be a cashless society and there will be no paper currency, no banks and only digital currency, I am not saying tat bitcoin will be the mainstream one world currency. It can be a situation where every country might have its own crypto currency,

[harizen]

Just wondering how those vendors there agreed on adding that service on their stalls as we all know on that kind of business, direct fiat payment is way more better. Maybe perks?

I think they might want a new nuance in transactions, or are trying to revolutionize the payment mode that has been in effect so far from fiat to digital. If this trial can work well, of course this will make Manila become the second cashless country after China. And most likely, crypto currencies will be very easy to accept and can be transacted by people there.

Although I want to agree (and Im really happy if that will be the case), I really know the industry behind public markets by myself. I have been in the market everyday dealing with these kinds of vendors. Have friends who works on a certain markets. It's quiet hassle if the vendors/stall owners will go for cashouts while dealing in their suppliers on which not even using the cashless payments unless the service provider itself will do the payment (which is just my guess).

That's why I think that maybe there was a "perks" or something along those lines. Well then, not a big deal after all as I really don't know how's the system was applied. Maybe if by any chances I can able to visit that market to extract some details, on which I think around 25kms from here.