Bridging the gap: Strategies for Filipino SMEs to embrace cash and cashless payments

Embracing cashless payment methods is no longer an option; it’s essential for staying competitive. To thrive in this shifting economic landscape, Filipino SMEs need to adapt. By bridging the gap between cash and cashless payments, businesses can explore new growth opportunities.

Here are three strategies Filipino SMEs can employ to effectively do so:

Know your customers

In the Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas (BSP) in 2021, cash remains the most preferred payment method by Filipino adults. In the same study, the BSP observed that a shift towards cashless payments has started. From almost zero in 2019, cashless payment terminals and mobile app usage have considerably increased to 13 percent and 9 percent respectively in 2021.

Conversely, the Annual Visa Consumer Payment Attitudes Study reported on February 29 that cash usage among Filipinos has significantly dropped to 87 percent in 2024 from 96 percent in 2023. Remarkably, for the first time, mobile payments have become as popular as cash, both standing at 87 percent.

With more Filipinos becoming more comfortable using mobile wallets and other cashless payment methods, Visa’s study reveals that 1 in 3 Filipinos believe that the Philippines will be a cashless society by 2030. The top reasons for this include the increasing usage of mobile wallets, more establishments accepting cashless payments, and the perceived lack of safety by Filipinos in carrying physical cash.

Adhere to regulations

As digital transactions continue to innovate and evolve, regulations and laws governing them may continue to change. Filipino SMEs will need to stay abreast of regulatory developments and compliance requirements. This involves staying informed about data protection laws, complying with anti-money laundering regulations, and obtaining necessary permits for electronic transactions. 

By adhering to regulations, SMEs can mitigate risks such as fraud and ensure compliance with legal standards. This proactive approach not only protects the business but also fosters trust and confidence among customers.

Invest in digitalization

Embracing cashless payments requires investments in equipment and technology. Filipino SMEs should consider investing in or upgrading their point-of-sale (POS) systems to accept digital payments. Moreover, integrating and embedding popular mobile wallet platforms and online payment gateways into your POS system can help broaden the reach and streamline the transactions of your business.

Offering a variety of payment options is key. This provides customers the freedom to choose their preferred payment method, ensuring inclusivity and convenience for all.

In Singapore, Qashier provides businesses with unmatched payment flexibility, allowing merchants to seamlessly accept cash and cashless payments. QashierPay, a feature soon to be available in the Philippines, brings businesses to the cashless future, a truly all-in-one solution that accepts all kinds of payments.

QashierPay allows your business to accept credit and debit cards, e-wallets, QR code payments, and pay-by-link online, integrated and embedded right in your Qashier POS terminal. This eliminates the need for investing in multiple POS systems and payment terminals, offering a cost-effective solution for businesses of all sizes. With QashierPay, Filipino SMEs can embrace the cashless future with confidence, knowing that they are equipped to cater to the evolving preferences of their customers.

More about Qashier

Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and track payments, in an all-in-one device.

Qashier promises a seamless setup within 10 minutes, without the need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you’ll find 7 days-a-week responsive technical support from your local team.

Try the Qashier app for free on your own Android device! Speak to us to see if Qashier’s Smart POS can meet your business needs. Schedule a meeting with us here, or contact us at +63 917 QASHIER (7274437) (Whatsapp and Viber) or email at [email protected].