As customers become increasingly accustomed to digital transactions, businesses must establish a reliable system with diverse payment options—not only to retain customers but also to mitigate the risk of losing potential sales.
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GCash for Business General Manager Jong Layug, speaking on a panel at the GoNegosyo MSME Summit on July 19, shared that consumers do not usually carry cash anymore when they go outside, thanks to the convenience of mobile wallets.
In fact, according to the Bangko Sentral ng Pilipinas, 57.4 percent of the total volume of retail transactions were settled via digital payments last year, showing a growth of 4.6 percentage points from 2023. The rise in digital transactions is in line with the government and private sector's efforts to make the Philippines a cash-lite society.
Layug, given this trend, said it was only imperative that micro, small, and medium enterprises follow suit.
“We, at GCash for Business, understand that having no access to digital payment solutions can be limiting to both merchants and consumers, especially at a time when most are used to paying with their phones or cards. This is why we encourage MSMEs to go digital so they will not miss an opportunity for a sale,"
he explained.
A study by International Data Corp. revealed that mobile wallet payments are projected to account for 30 percent of e-commerce transactions in 2028, up from 24 percent in 2023—highlighting the growing preference for digital payments among Filipinos. The stronger adoption of e-wallets is driven by its "accessibility” in the mobile-first country, the report noted.
To help merchants go digital, the finance super app offers a suite of solutions that can make payment collection seamless and financial tracking more efficient. Entrepreneurs can access them via the GCash for Business Portal, which provides an easy-to-use business wallet with no limits and transaction fees.
GCash for Business, most recently, launched SoundPay, a payment device that allows merchants to hear when a customer pays in their store, providing them instant payment confirmation anytime, anywhere. Merchants can also watch out for a soon-to-launch solution that turns the merchants’ phones into a POS machine capable of accepting credit card payments.
“Our goal has always been to develop products that make everyday life a bit easier. While we've placed a strong focus on the consumer segment, we're equally committed to supporting MSMEs by providing tools that can help with their day-to-day operations,”
Layug said.
Beyond payment solutions, GCash for Business also supports MSMEs in reaching their full potential. The finance super app enables MSMEs to access loans, providing them with the financial boost to scale their business and reach more customers.
GCash for Business is here to support MSMEs to go digital easily and simply. Discover solutions and sign up today at https://new.gcash.com/business/msme.
