There are a lot of things to complain about at the height of Covid 19 pandemic but there are also some good things that came out of it. Aside from giving attention and support to our country’s health care system it also improved a lot of internet and digital services in the country. Thereby making it more convenient and efficient to do routine tasks like shopping, banking, and even paying taxes or government fees. Here is a quick look at contactless payment options and how they can help you manage your personal finance.
What is contactless payment?
In a nutshell, this is a system that allows you to pay for goods and services through cards with RFID or payment apps and devices that do not require swiping or signing for transactions. Debit and credit cards with RFID tech are considered more secure than those with magnetic stripes because data transmitted by chip cards are encrypted. The contactless mode of payment has gained traction during the pandemic and continues to do so until now.
Contactless Payment Tools
Using credit cards and debit cards is nothing new to us but the development of digital payment in the Philippines is definitely a welcome improvement. Purchases can now be completed with just a tap of your card, making transactions much faster. Not just that, the number of merchants availing of this technology has also increased significantly making it more convenient for consumers. Another welcome improvement is the introduction of payment apps or e-wallets using NFC technology. We can now use apps like Apple Pay, Google Pay, and Samsung Pay for both in-app or online purchases as well as in-store purchases. Here in the Philippines GCash and PayMaya are two of the best e-wallet options.
Managing Personal Finance and Contactless Payment Tools
Debit Card. One of the advantages of using debit cards for your purchases is that you are only able to spend whatever you have in your account. This means that it’s not likely for you to overspend or end up neck-deep in debt without being aware of it. To make sure that you still have some money left for your savings it will be a good idea to have separate savings account for it. You can calculate the amount of savings that’s ideal for your income so it’ll be easy for you to grow your funds.
Credit Card. By now most people are aware of the ill effects of credit card debts and should be avoiding misuse of their credit cards. The “don’t spend more than what you earn” rule applies all the time when it comes to purchases. You can calculate your credit card payments to check the viability of big purchases vs your current finances. If you want to make the most out of your credit cards make sure that you pay the amount due in full all the time. This will ensure that your balance doesn’t incur any additional interest for you to pay. Credit card companies usually have a rewards program for their customers so you get to enjoy perks from your purchases.
e-wallet and apps. These tools are easy to manage because like debit cards they will only allow you to spend the amount available in your wallet. Some of these apps also have savings features and coupons that you can take advantage of. This should make it easier for you to save up and manage your finances as well.
Contactless payment is here to stay whether we like it or not. Some people would still rather stick to cash transactions but sooner or later every one has to adapt to this new way of doing things. It’s faster, convenient, and secure and it’s definitely more efficient than traditional methods. But regardless of the mode we choose, traditional or otherwise, we should always exercise vigilance in monitoring our finances and protect ourselves against fraud.