With how modern payment options have become, more Filipinos now tend to settle their bills digitally. In fact, a report on the status of digital payments in the Philippines made by the Bangko Sentral ng Pilipinas (BSP) noted that the proportion of Filipinos using online payment methods for their bills rose from 40% at the beginning of 2023 to 49% by the end of the same year. This only goes to show that more people nowadays would prefer to just pay bills online rather than endure the long lines at payment centers.
There are more reasons why paying bills online is the smarter and better way to go about settling one’s financial responsibilities. Here are just some of the benefits you can also enjoy by switching to digital bills payments today.
1. Convenience and Accessibility
The foremost advantage of digital bills payment is the convenience it can offer. Rather than taking time out of your busy schedule to visit service providers’ offices to pay for your bills, you can simply opt for online bills payment through your e-wallet or digital banking app. Another huge plus for digital bills payment is that you can pay for different billing categories by using just one platform. For instance, Maya Wallet’s bills payment feature allows you to send payment to any one of the over 900 billers, including electric and water utility companies, phone and internet service providers, loan companies, healthcare providers, insurance companies, and more. No need to worry about visiting different branches just to pay for each bill separately. You can also save up to 20 of your favorite billers at a time so you don’t have to keep searching for them on the app every time you need to pay.
Paying your bills digitally also solves many accessibility barriers. For instance, you may not have a payment center near your location or perhaps you’re currently traveling. Either way, you can still settle your bills through an app like the Maya Wallet, and you won’t miss the payment deadlines.
2. Enhanced Security
A common worry that people who transact online have is that their financial information may be vulnerable to hackers. However, you can rest assured that any sensitive information of yours is secure when you pay bills digitally through the Maya app, owing to multiple features such as modern encryption, two-factor authentication, biometric verification, and one-time passwords (OTPs). Some digital payment platforms like Maya also employ fraud detection technologies, which means it will be easy to flag any suspicious activity related to your account and immediately warn you about it.
3. Rewards and Cashback Opportunities
Many digital payment platforms also offer rewards points or cashback when you use their services to pay bills. For example, Maya occasionally offers cashback promotions, which you can take advantage of to save money. What’s more, if you have a Maya Savings account, you can leverage your bills payments as an opportunity to boost your base interest rate of 3.5% p.a. , allowing you to essentially earn even as you spend paying your bills.
Such offers are often exclusive to digital payment platforms, so you’re missing out on potential savings and rewards if you only pay at payment centers or if you choose to settle your dues with the billers themselves. By being vigilant about such bills payment promos and reward opportunities, you can gain more value from paying your bills.
4. Scheduled Notifications and Customizable Alerts
When you’re managing multiple bills with different payment deadlines, it can be easy to overlook due dates. Fortunately, some digital payment platforms have features that can help keep you on track with your bills payments such as letting you schedule notifications or customizable alerts to remind you when a bill is due.
If you’re a Maya user, for instance, you can schedule bill notifications via the app so you can avoid incurring late payment fees. This simple feature can also help reduce anxieties over making sure all your bills are paid on time since you can always rely on well-timed notifications to remind you of each due date.
5. Faster Processing Times
Paying your bills digitally is much faster as you won’t have to be physically present at a payment center, deal with long queues, or wait for a customer service representative to enter your details and process your payment. Depending on the biller, your payment can also be reflected within a few seconds. This quick processing time means less chance of delays in getting your bills paid on time, which is crucial, in many cases, for avoiding service disruption or additional fees.
6. Easier Budgeting and Expense Management
Having all your bills due consolidated in one or a few platforms makes it easier for you to budget your expenses as well. By simply checking your e-wallet or digital banking apps’ transaction histories, you can get a clear picture of where your money is going each month. This allows you to make adjustments as needed in cases when you feel like your monthly budget is being stretched too thin. For example, spotting subscription payments for services you aren’t using anymore can prompt you to cancel these unused subscriptions to reduce your overall monthly expenses.
7. Reduced Environmental Impact
Digital bills payments also reduce paper waste by eliminating the need for paper statements and receipts. While seemingly insignificant, having many people’s monthly bill receipts in digital form can significantly help cut down on collective environmental impact over time. Digital statements and receipts also help reduce clutter at home and make it easy to look up payments made months or even years ago, if necessary.
Switching to digital payments offers convenience, rewards, faster processing times, and other perks that traditional payment methods can’t provide. It can also help you avoid late fees and thus save money in the long run. Indeed, paying bills digitally is simply the smarter choice when it comes to managing your financial responsibilities.
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