5 Myths About Going Cashless – Debunked

In a world dubbed as the “new normal”, everything is being digitized – businesses, processes, meetings, and many more. Thanks to COVID-19, we have now discovered that it is possible and very convenient, in so many levels, to work-from-home, pay our bills and shop online, and do e-meetings whether it’s for business or personal purposes. Maybe we’ve known about these things even before but it took us a pandemic to consider them our Plan A.

While the number of users of mobile banking and e-wallet has blown up for the past two months, there are still a few who are hesitant to adapt to the new norm. Why? Let’s talk about the myths about going cashless and debunk them one by one.

  1. 1 It Is Complicated To Set Up An Account.

    Majority of boomers are hardwired to believe that anything related to technology is complicated. This is not true, though. Setting up an account be it for mobile banking or e-wallet, is a walk in the park. GCash, the leading mobile wallet in the Philippines lets you register for an account in 5 simple steps:

    1. Dial *143# on your mobile phone.
    2. Find “GCash.”
    3. Click “Register.”
    4. Enter your four-digit GCash PIN, name, birth year, and address.
    5. Wait for a message on your phone that confirms your registration.
  2. 2 There Are Hidden Charges.

    GCash is very upfront about its service fees. The majority of GCash transactions are free of charge. However, there are several transactions that incur minimal fees.

    For bills payment, the service fees range from P5 to P15, depending on the biller/merchant. When sending money, a service fee of up to 2% of the total amount may be charged.

  3. 3 Apps Are Difficult To Navigate.

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    This is the how the dashboard of GCash looks like. It is very minimalist and straightforward. Buy load, send/receive money, pay bills, and more in a very swift manner! 

  4. 4 The System Is Always Down.

    GCash, at rare times, conducts system maintenance but they notify their users days prior via social media, SMS, and in-app pop-up notifications.

  5. 5 It Is Not Safe / Secured.

    This is probably the one thing that people are scared about the most. Scams are happening here and there. Hackers and con men are around the corner and that is not within our control. What we can control is choosing which apps to use and sign up for and to not disclose our PINs, passwords, OTPs, and other personal information.  

    Just recently, the National Bureau of Investigation (NBI) with the help of GCash, arrested three individuals in Quezon City for violations of the Cybercrime Prevention Act and Estafa, after they swindled money from hapless victims, whose identities were also stolen. Law enforcers nabbed suspects Joselito Floresca, Antonino Guevarra, and Henry Lachica for stealing money from a number of individuals. The three suspects pretended to be GCash, Grab, Lalamove, or Mr. Speedy employees. They convinced their victims that their accounts were compromised and pretended to assist them in fixing their accounts.

    They asked their victims of their personal details, including the account number, mobile personal identification number (MPIN), one-time password (OTP), authentication code, birthday, and e-mail addresses. Believing they are for real, the victims gave the details needed to gain access to their accounts.

    GCash helped by conducting their own investigation then submitting it to NBI. Security is one of the pillars in which GCash operates.

    As account holders, let us be vigilant and not fall for such swindles.

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Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.