Updated , Published at 5:00 PM PHT,
by
Dennis Cabrera
Modes of Payment: Cash, E-wallet, Credit Card, Debit Card
Discover secure and money-saving payment options for MSMEs and remote workers in the NCR, Philippines. This guide provides how-to tips for using cash, e-wallets (like Maya, GCash), credit, and debit cards. Learn to navigate security risks, avoid common payment hassles, and make stress-free transactions, even with weak mobile signals or large purchases.
Small business startup owners (MSMEs) and new remote WFH professionals in NCR, Philippines, can review all security options provided in this article for safer transactions. It can also assist foreign tourists in the Philippines to understand the financial subculture of the businesses in the National Capital Region of the Philippines.
Commonly used cost-effective payment options
With new technologies being updated at a fast rate, there are new modes of payments being used in the Philippines & the rest of the world, but common payment options in the NCR are still cash, e-wallets, credit cards, and debit cards.
(Other standard modes of payment are online bank transfers and current accounts or checks. These two payment modes will not be covered in this blog post.)
There are advantages and disadvantages for each mode of payment.
A list is provided below.
Advantages and disadvantages
Much of what is listed below is really common sense.
But that is sometimes lacking when the buyer or seller is not aware of the safety measures to take and the security risks involved.
Awareness of easy and secure modes of payment for particular situations is important to make your purchases in each mode of payment successful and without unnecessary stress.
Using Cash / Cash on Delivery to Your Advantage
- Cash is generally accepted anywhere in the NCR
- You receive change money in return so you can use for smaller purchases or services
- It is the mode of payment everyone understands; no extra technology to learn here
- A common business custom in the NCR is to add change money when you pay with big bills. This helps the retailer preserve his stock of small bills and coins. Be extra patient when the cashier asks for coins; he needs it as change money for the customers in line after you.
- Care must be taken when transacting in bigger amounts. Focusing and avoiding distractions from others is necessary. Presence of mind is a strength.
- Cash transactions are the simplest means. The goods purchased or service received are exchanged promptly on the spot.
- Unlike e-wallets, credit cards, or debit cards, cash doesn't have an "online" problem. It always solves. "Cash is king!"
- Cash is the most common form of payment for Filipinos.
How to use E-wallets for MSME transactions
- E-wallets conveniently link to a mobile app in your mobile phone
- All purchases are easily and exactly paid to the last Php 0.01 centavo
- It can always be accessed with mobile data
- There are many e-wallets in the NCR. Maya and GCash are two e-wallets which both big or small retailers accept
- E-wallets are convenient digital payment methods for compensation received from remote work
How to fix common difficulties with E-wallets
Be aware of quirks and glitches in your app or phone; familiarity with them makes it easy to fix them on the spot and make the transaction succeed
On very rainy or windy days, mobile data signals can be weak; this can interfere with the speed or success of your purchase; just apply patience.
It is wise to bring some cash in case the quirks experienced or rainy/windy days make it difficult to proceed. Practicing kindness to the retailer and yourself, and others next in line is a win.
You can also use a debit card if the signal in your phone suddenly goes down.
How to use Credit Cards securely
- Like e-wallets, these are convenient to use
- Extra security is needed with this mode of payment
- It is safer to use a credit card as a source of funds for your e-wallet than to use it directly on e-commerce platforms
- Avoid using a credit card with a big credit limit. Use a credit card with a smaller credit limit for online purchases
- It is not good to make one's credit card as a substitute for cash in your wallet; it is not for regular use
- Credit cards can be, in times of need, a life-saver; it can also save you from embarrassment if you are short in cash
- Two credit cards many big and small retailers accept are Visa and Mastercard. Big banks such as Metrobank and BDO have both Visa and Mastercard
Using Debit Cards to Secure Your Finances Effectively
- Debit cards are digitally linked to your ATM savings account
- They need a PIN to be typed when you make a purchase
- Like e-wallets, the exact amount can be paid down to the last Php 0.01 centavo
- There is a risk of a newly employed or trainee-cashier to accidentally double debit your purchase amount (that can be solved but it can be a hassle at times)
- Better to use debit cards in big retail establishments where cashiers are experienced in this mode of payment
- Unlike credit cards, debit card purchases are rarely "denied"
- Reliable debit cards are easily applied for with proper identification. Banks such as BDO, BPI, Metrobank, and China Bank Corp. have secure technology to safeguard all your debit card transactions.
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