A FINANCIAL technology company will integrate a cashless system in two major public markets in Cebu City to help vendors keep up with the digital age.
Ronnie Buhawe, regional sales head of GCash in the Visayas, said a cashless system using QR (quick response) codes in transactions cuts down the hassle often encountered by vendors and buyers.
“First, bills are dirty, and there’s also the problem if they need change for their bills. Paying by cash also has no digital trace that leads to uncontrolled spending where you’ll ask yourself where your money went at the end of the day,” Buhawe said.
He said they will introduce the cashless ecosystem in markets of Taboan and Carbon by distributing QR kits.
They plan to complete the work on the two public markets within the year.
Buhawe said about 10 percent of their 15 million registered users nationwide are Cebuanos.
“We’re gaining traction and we’re developing the application that, in just your fingertips, you can use it anytime, 24/7,” he said.
Buhawe said most Cebuanos use the features of the app in paying bills, buying cellular load and sending money.
“We also want it to be transactional so QR codes for payments are there,” he said.
He described their growth as rapid, saying people’s awareness of paying through the app is also high.
Buhawe said they will touch base not only with the malls but also all the vendors in the market, habal-habal drivers and even the tricycle drivers to teach them the system.
“That’s our real direction. Hopefully, like in India and China, we can use QR codes in buying items from a sari-sari store,” he said.
Buhawe said they also have the Credit and Invest Money feature where Cebuanos can now purchase items even with zero cash and invest in the stock market for as low as P50.
GCash has more than 1,000 partner merchants in Cebu and 41,000 in the country. (JOB)