A Public Market is Turning 'Cashless' in the Philippines

[Finestream]

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,

Well with the current payment system like that in the  public market,i think this will be a good start that people will be taught how to pay in a cashless system and the only thing they have is their smart phones.I have witnessed already in some stores that consumers are just paying through their smart phones by scanning the code and then payment sent.No paper money needed so its hussle free.

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[Zalura]

This kind of technology is mostly seen in the neighboring countries of the Philippines. Countries like China, Hong Kong, Taiwan, Korea and Japan are using cashless payment but mostly it is seen in the shopping malls but this step in using cashless payment in a public place is a big step forward considering that the Philippines is a third world country. I just hope that it will gain support from their local government in Valenzuela and support form the people because it is such a good project.

cashless trading has been very much done in third world countries, because the trade system has progressed rapidly, all countries have experienced changes in the pattern of payments, the Philippines may be a small part of a third world country that is undergoing change, because the future for the country who do not follow changes in the payment system, must be abandoned from the world of global trade, or will be eliminated in the global economy.

[pedangrusak]

this is a future demand where users want to be easier, safer and faster in all the shopping activities they do and this has begun to be offered by crypto with the benefits that everyone wants. currently crypto is still being opposed by many countries but in time they will need more than fiat

[massbuldog]

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

This is very good approach to the technology. Every country should do that but many are afraid they will lose their interests upon the introduction of Bitcoin in the economy this is why it is banned in many countries.

[0t3p0t]

'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.

Well, yeah Philippines is a cryptocurrency friendly country and it is not far from happening that the government would allow such move not only being a cashless society under centralized currency but also with cryptocurrency as it has a lot more potential than fiat money. Good for the local government and the local community of that public market as they are now embracing technological advancements.

[axecommunity]

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

So it is good in their interest. Philippines is a growing economy and I think that the more they divert to the cashless economy, the  more their problems would get solved and would embark upon the journey to perfection.

[Yamifoud]

Filipino's love using cashless system as they feel comfortable in doing these. Metro Manila is the capital city of the Philippines and all the advantage have in there, may digital currencies will be acceptable in that area.  But it somehow, some provinces aren't integrated will digital currencies as internet where not available.  

[ausbit]

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.

"Cashless" doesn't directly means crypto, I know people around here are heavy crypto people thats why when you hear the word "cash" you think of fiat but in reality fiat could be used as credit card or debit card which would make it "cash"less in a way. Hence this public market thats turning cashless could have debit cards and credit cards all day without a single crypto transaction.

However if the vendors there had some sort of incentive offered to the customer like "pay with crypto and pay no extra fee" or something like that it could be a good advertisement for crypto. Not a huge change since its a public market after all but it is still a good step forward. Its a cycle, vendors need to convince buyers to use crypto whereas buyers sometimes needs to convince vendors to accept crypto.

[dangerousdanjon]

This kind of technology is mostly seen in the neighboring countries of the Philippines. Countries like China, Hong Kong, Taiwan, Korea and Japan are using cashless payment but mostly it is seen in the shopping malls but this step in using cashless payment in a public place is a big step forward considering that the Philippines is a third world country. I just hope that it will gain support from their local government in Valenzuela and support form the people because it is such a good project.

cashless trading has been very much done in third world countries, because the trade system has progressed rapidly, all countries have experienced changes in the pattern of payments, the Philippines may be a small part of a third world country that is undergoing change, because the future for the country who do not follow changes in the payment system, must be abandoned from the world of global trade, or will be eliminated in the global economy.

We can also see that these third world countries are also getting very high profit from this field. One of the reason that there countries are in this field because it is a decentralized system and anyone can get involved in it without any restriction so they are here when are denied from other digital systems.

[UchihaRukawa]

'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 think this is a great news for all the Filipinos, having this kind of upgrade to better the method of payment is just a great help for everyone not just in the Philippines but to all the earth, I have seen one kind of this scan to pay method in malls and some restaurants and hopefully it would just go to even simple stores in the streets, the security that you dont need to be worried that your money will be stolen from you will be gone and you can just go everywhere carrying nothing but your phone.   

[Mommynigabby]

I saw this in the news and was so excited to see how advanced/ or rather how much we have improved from way way back. It's the PAYMAYA right? Although I felt like it was sponsored by Paymaya because they all have just paymaya and they are all in one location, but i know people/ sellers  will realize how convenient it would be if they accept virtual payments. This is such a big step. I hope PayMaya reaches out other parts of manila and luzon too.

[East2011]

Maybe they have done that so that it is more safer safer to go in the market. Even though you don't have your money with you, you can still buy goods. And there are so many pick pocketers on that area.   

[Oceat]

If they could do that with other digital payments they could also include the cryptocurrency payments. It just needs a little regulation with the government and everything is ready to start as soon as the government accepts cryptocurrency as payments. I think more and more store and even public market will follow what they have been implementing.

[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.

"Cashless" doesn't directly means crypto, I know people around here are heavy crypto people thats why when you hear the word "cash" you think of fiat but in reality fiat could be used as credit card or debit card which would make it "cash"less in a way. Hence this public market thats turning cashless could have debit cards and credit cards all day without a single crypto transaction.

However if the vendors there had some sort of incentive offered to the customer like "pay with crypto and pay no extra fee" or something like that it could be a good advertisement for crypto. Not a huge change since its a public market after all but it is still a good step forward. Its a cycle, vendors need to convince buyers to use crypto whereas buyers sometimes needs to convince vendors to accept crypto.

Did I mentioned "cashless" is directing to crypto?

I know Paymaya services. I know the usual public market system here. If debit/credit card is used then it's usual but not limited to direct stalls in most of the cases. But this time it's Paymaya wherein there will be sort of another system and not the usual debit/credit card system. That's why Im thinking that it might have a perks why vendors agreed on terms easily.

Anyways it's a startup and at the same time maybe testing the waters in the public.

[Rena5]

One way or another its good to hear this kind of updates from our country Philippines,by using this method cashless system is better to avoid  possible problem like snatching of wallet from public area.Its a risk free also.Cashless system also will enhance the knowledge to the people about the cryptocurrency usage in the coming years.

[ice18]

Yes this cashless payments system is the new future of payments from big corporations to smes its very applicable fast, realiable and secured I used this cashless payment for some months now in department stores or you can also use it in online payments as debit card but as of now this cashless payments do not use any integrated blockchain technology I hope in the future they will open for more transparent and secured blockchain.

[medicalmiracle]

this is a future demand where users want to be easier, safer and faster in all the shopping activities they do and this has begun to be offered by crypto with the benefits that everyone wants. currently crypto is still being opposed by many countries but in time they will need more than fiat

This is not just about the shopping thing but it has a huge market around it and I believe that the public markets becoming cashless in Philippines is a good thing because they have financial crisis and I think this will help them heal the economy.

[Gagah119]

this is a future demand where users want to be easier, safer and faster in all the shopping activities they do and this has begun to be offered by crypto with the benefits that everyone wants. currently crypto is still being opposed by many countries but in time they will need more than fiat

I agree with you, basically humans want convenience and that applies to payments, where crypto has a system for that, from payment, storage and transaction history. Now many smart phone applications are developing that make it a personal wallet.

[usorin]

'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.

This sounds interesting but in the same time we talk about Philippines, once the economic climate was unfriendly if i remember right. But still it is a huge step forward to a cashless society.

[Crypdon]

China is using wechat pay as a form of cashless payments in the market. However the leader of the Philippines is favourable to crypto so hopefully they will do something similar but with bitcoin instead