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What’s up with the #Philippines and #Cashless #Economy ?

Philippines

The #Asian #countries have exhibited tremendous #economicgrowth in the past few years. While #China and #India make the icing on the cake, #Philippines is right around the corner. As the country’s #economy grows, adoption of latest #technology in the #economic sector should also grow hand-in-hand. In order to keep up with the technological advancements, while ensuring the benefit of the masses, the country is slowly inching towards a #cashlesssociety.

The country’s socio-economic conditions are also paying a huge role in laying out the path for development. For a country that is improving at a rapid pace, it has a large section of the #unbanked and #underbanked population....

....but they have #smartphones and they know very well how to use them. This has led to an increased adoption of #mobilemoney as an alternative financial system. With mobile money, people can pay their bills, buy goods from shops and more. Recently, the Philippines Bureau of Internal Revenue tied up with Globe Telecom, the second largest telecom provider in the country to allow people to pay their taxes using mobile money....

....The increasing trend of #mobilemoney and #bitcoin usage among the #Filipinos is driving the country towards a cashless economy....

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