Making The Switch To Digital Payments

by reternX

Digital payments refer to financial transactions that are done online, through mobile channels and internet devices.

Policymakers worldwide take initiatives to leverage modern technology and make information even more accessible, including money, by evolving into “cashless economies.”

Even before the pandemic, the development of technology has transformed consumer behavior from their traditional ways into modern practices, that are faster and easier.


The future of commerce is not just predicted but expected to be all about customer convenience, operational efficiency, and integrating all the touchpoints of the business environment digitally.

From the creation of electronic mail (email), discovering the simpler way to do things result in people adapting to changes and creating more ways to make things convenient for them.

It started when online order and delivery transformed food and retail to take part in the eCommerce trend. This was pioneered by household names like Amazon, all the way back in the 1990s.

The Balikbayan Box industry has been around a decade earlier, but there’s still no significant changes after 40 years of being around. For a business, it means adapting practices to the new ways in which customers want to transact.


When making cash-based payments, there are additional costs associated such as transaction fees, expenditures for travel to a disbursement site, security, or insurance costs for transporting cash; as well as transparency of payment tracking, staff, and recipient security.

According to the 2020 Digital Payment Trends, these show the characteristics of adopting a system change or new technology when it comes to cash flow from consumers to businesses.

  • Contactless Payments – refers to using mobile phones to make digital payments by simply downloading an application and filling in card details where customers can wave their phones at a reader or make the payment from the app system itself.
  • Cross-generations Of Tech-savviness – the majority of the people today are exposed to and dependent on some form of modern technology for automation and convenience.
  • From Cards To Codes – being cashless starts with replacing money with cards and computerizing their money through EMV (Europay, Mastercard, Visa) technology that ensures payment security.
  • Mobile Point Of Sale Demand – providing convenience for both consumers and businesses by eliminating the need for cash in physical locations and use their mobile devices to make purchases and digital payments.
  • Smart Payments – evolving technology has produced newer mobile devices such as smartphones and home assistants like Google Nest or Amazon Echo that allow voice commands to make orders or automate bookings at a particular schedule.
  • Transaction Security – software equipped with top-grade security is the minimum standard when it comes to making digital payments because it allows data encryption and generates system-based notifications to confirm safe transactions.
  • Mobile Wallets – to replace the cash system, mobile wallets are developed to make the entire shopping experience and payment process digital. People can buy, pay bills, get rewards, and many more without moving an inch.

If you’re still thinking that’s far in the future, these all exist right now and are led by companies such as PayPal, Google Wallet, and Apple Pay. The fintech industry is expected to hit the USD 500-billion mark by 2030 because of the rapid urbanization, and strong global demand for digitizing the entire cash system.


We’ve shown you the “whats” and the “hows” of making the switch to digital payments, but perhaps you’re still wondering just how this will benefit your Balikbayan Box business.

These can be divided into two categories: Consumers and Business.

Convenience to make payments on the go at any time. This removes the need to go into a store or carry cash. Providing conveniences that customers want can attract more customers to your business because it is easy to transact.
Digital payment processes are really quick and easy regardless of how tech-savvy you are. Improve cash flow by getting paid sooner than other methods.
Help track expenses through your bank statement. Electronic receipts usually received with digital payments are a good form of record keeping and are environmentally friendly. According to Deloitte digital payments can significantly reduce administration. They also cited improved relationships with customers and business partners from fast, simple processes.
Digital payments promote good hygiene and safe health practices by reducing physical contact between people and money.
The risk of handling, storing and depositing cash is eliminated.


As we’ve shared in our previous blogs, the Balikbayan Box industry can also benefit from technology, starting from improving customer experience.

Making the switch from cash to digital payments is not just for customer service, but also the innovation of your company, so it can adapt to the changing business environment and consumer behaviour caused by technology.

At reternX, we make it our mission to educate and empower Balikbayan Box businesses with the help of technology.

Talk to us today and let us help you transform your business.