PH fintech firm sees wider adoption of cashless payments in 3-5 years

ABS-CBN News

Posted at Mar 20 2019 11:37 PM

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A Filipino financial technology firm said Wednesday that it expects to see wider adoption of cashless payments systems in 3 to 5 years. 

Chris Manguera, chief marketing officer of Mynt, said more people are starting to embrace digital payments systems such as GCash because of their convenience.

Mainstream adoption is still years away, however, because people still have to get used to paying with their smartphones. Manguera said they were able to get more people to trust GCash via the much older tech of text messaging. 

"Whenever you transact with GCash there's a real-time SMS, so that's their validation point," Manguera said.