5 Reasons to switch to ePayment Channels

Technology improves and advances day by day and its trajectory is now leaning towards wireless systems. Everything from charging up to connecting your devices to your Television or audio systems are now becoming cable-less. Even payments are now as easy as a tap of a button or a scan of a screen. With that in mind here are 5 reasons why you should switch to ePayment (Electronic Payment) Channels.

1. It’s easy and simple to acquire

Electronic payment isn’t necessarily a new technology, we already had access to this from our banks via Debit, Visa/Master, and credit cards. However, ePayments nowadays have become simpler and easier. Payment channels like Gcash, Paymaya, Beep, and the like only require a consumer to register for an account then get authorized or even just straight up pay for a card. This removes the hassle of having to go through an arduous process of opening a bank account, being eligible for credit loans, maintaining a balance, and constantly checking your credit limit.

2. Prepaid options are available

Think of ePayment cards as prepaid credit cards, actually some even call their products as such. Unlike credit cards which are actually loans you pay at the start or end of the month, ePayment channels are basically like ATMs — You deposit cash into it. Apart from removing the worry of maxing out your credit balance, this also means that some stores or retailers, even online shops, that accepts payments via credit cards will also honor payments via your ePayment channel. Although we’ve yet to encounter installments that are non-credit. Still, it’s a plus that you are now able to purchase from stores that previously only cater to credit card holders. Not to mention, you have better control over your spending.

3. Its Convenient

Have you ever felt that frustration where you wanted to buy something but you’re short on cash and the ATM is still a few floors or kilometers away? Well, we have and it can really ruin your day. Luckily with ePayment channels, you no longer have to walk those long roads or ride the elevator/escalator as you can just easily pay with your card or account. Yes while Debit and Visa cards have this option, opening such accounts have some requirements.

Another thing to note is that just this year both Gcash and Paymaya made Scan-to-Pay payments (Gcash announcement here) and even payments via Facebook Messenger (Gcash announcement here, Paymaya here) available to their consumers. This made purchasing items and sending money more convenient. Paymaya and Gcash (watch tutorial here) also allow their users to link their PayPal accounts to their ePayment accounts, making transactions to and from PayPal quicker and more convenient.

4. You have more payment options

While credit cards and Debit/Visa cards are limited to just swipes and card number inputs, ePayment channel accounts like Gcash and Paymaya offer more ways for customers to pay for their items. As we’ve mentioned earlier payments through Scan To Pay and Facebook Messenger are now available for consumers. Not only are these new and innovative ways to pay but they’re also easier as consumers need only to use their smartphones to send money and generate a QR code. Not to mention, with your PayPal accounts linked to Gcash and/or Paymaya you now have more payment options for online shopping, especially for shops that are located abroad.

Payments for transportation also comes to mind here, Beep is one such example of an ePayment channel that helps a lot when it comes to people riding the MRT/LRT. Passengers no longer have to wait in-line to buy their tickets and can go straight towards the train platform just by tapping their Beep card on the entrance.

5. It will continue to improve and advance

Just like we said, technology moves and advances every day, companies and brands will always think of ways to stay ahead of the competition and introduce brand new innovations to consumers. Which is why we can be sure that in the coming years more options, platforms, and services will open for ePayments. Also, who knows maybe even in the near future ePayments will become the standard mode of payment.

And there you have it. While ePayments are enticing and easy to acquire always be wary when using these channels. There is a reason why banks have such strict requirements for you to be able to open accounts and that’s to ensure your safety during transactions.