Daily Archives: December 14, 2022

In the past few years, the rise of blockchain technology and decentralized finance (DeFi) has disrupted the traditional financial industry and opened up new possibilities for payments. Web3 technologies, which enable decentralized applications (dApps) and decentralized finance (DeFi) platforms, are at the forefront of this transformation.Photo by Shubham's Web3 on UnsplashWeb3 technologies, such as Ethereum, offer a secure and transparent way to conduct transactions without the need for intermediaries like banks or credit card companies. This allows for faster, cheaper, and more secure payments that are accessible to anyone with an internet connection.DeFi platforms, which are built on top of Web3 technologies, are also revolutionizing the world of finance. These platforms allow users to access a range of financial services, such as lending, borrowing, and trading, without the need for traditional financial institutions. This opens up new opportunities for individuals and businesses to access financial services and conduct transactions in a more efficient and cost-effective way.Web3 and DeFi are not only transforming the world of payments and finance, but also enabling new forms of economic activity and innovation. For example, tokenized assets, which are digital representations of real-world assets, are becoming increasingly popular on DeFi platforms. This allows for the creation of new investment opportunities and the democratization of access to financial markets.In summary, the power of Web3 and DeFi is enabling a new era of payments and finance that is faster, cheaper, and more secure. These technologies are already having a major impact and will continue to shape the future of the financial industry.The Power of Web3 and Payments was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

Real-time payments (RTP) rail is a type of payment system that allows for the instant transfer of funds between banks and other financial institutions. This means that, unlike traditional payment methods, which can take several days to process, RTP rail allows for payments to be made and received in real time.The RTP rail in the United States is operated by The Clearing House (TCH), a nonprofit organization that provides clearing and settlement services for the financial industry. TCH operates a network that connects over 2,500 banks and credit unions, allowing for the rapid and secure transfer of funds between these institutions. Some of the banks that use the RTP rail include Bank of America, Wells Fargo, JPMorgan Chase, Citibank, and many others. It is important to note that not all banks in the United States use the RTP rail, and some may use other payment systems or networks. It is best to check with your bank to determine which payment systems it uses.RTP rail has several benefits for both consumers and businesses. For consumers, it allows for faster access to funds and a greater degree of control over their financial transactions. For businesses, it can help to reduce transaction costs and improve cash flow management. Additionally, the use of RTP rail can help to promote financial inclusion by providing a faster and more accessible way for individuals and businesses to access the financial system.Several ways in which the RTP rail can bring a positive economic impact in the United States :Increasing the efficiency of the payment system: By allowing for the instant transfer of funds between banks and other financial institutions, the RTP rail can help to make the payment system more efficient and reduce transaction costs. This can have a positive impact on businesses and consumers, who can benefit from faster and cheaper access to financial services.Promoting economic growth and development: The RTP rail can help to promote economic growth and development by making it easier for individuals and businesses to access financial products and services. This can help to increase the number of people who are able to participate in the financial system, which can drive economic growth by increasing the flow of money and credit throughout the economy.Reducing poverty: The RTP rail can help to reduce poverty by providing people with faster and more accessible access to financial services. This can help to improve financial inclusion and empower people to save and invest their money, start businesses, and create wealth.The RTP rail is an important part of the payment infrastructure in the United States, providing a fast, secure, and accessible way for individuals and businesses to make and receive payments.What is an RTP and why do YOU need to know more about this? was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

GPay is one of the more popular online mobile wallet payments in the USA.Online payments have revolutionized the way that people conduct transactions and do business. They offer a convenient and secure way to pay for products and services and have many benefits over traditional payment methods such as checks and cash.One of the biggest advantages of online payments is their convenience. With online payments, customers can make purchases from anywhere in the world, at any time of day, using their computer or mobile device. This makes it easy for businesses to sell their products and services to customers around the world, and for customers to access a wide range of products and services without having to visit a physical store.Online payments are also typically faster than traditional payment methods. With online payment systems, transactions are processed in real time, which means that businesses can receive payment for their products or services immediately. This can be especially helpful for businesses that operate on tight cash flow margins and need to receive payment quickly in order to meet their financial obligations.Another advantage of online payments is their security. Most online payment systems use encryption and other security measures to protect against fraud and other financial crimes. This can give customers peace of mind when making a payment, and help to protect businesses against financial losses.Here are four important benefits of online payments for small businesses:Increased convenience for customers: Online payment systems allow customers to pay for products or services quickly and easily, without having to visit a physical store or write and mail a check. This can make it more convenient for customers to do business with your company, which can help to increase sales and revenue.Reduced transaction costs: Online payment systems typically have lower transaction fees than traditional payment methods, such as credit cards or checks. This can help to save your business money, which can be especially important for small businesses with tight budgets.Faster payment processing: Online payments are typically processed in real-time, which means that you can receive payment for a product or service immediately. This can be especially helpful for businesses that operate on tight cash flow margins and need to receive payment quickly in order to meet their financial obligations.Increased security: Online payment systems often have built-in security features that can help to protect against fraud and other financial crimes. This can give your customers peace of mind when making a payment and help to protect your business against financial losses.Overall, the power of online payments lies in their convenience, speed, and security. They have transformed the way that people conduct transactions and do business, and have opened up new opportunities for businesses and consumers alike.Online payments can offer small businesses many benefits, including increased convenience, reduced transaction costs, faster payment processing, and increased security.Four important benefits of online payments to small businesses. was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

Financial inclusion is important for the overall health and stability of a macroeconomy. It allows individuals and businesses, especially those in low-income or marginalized communities, to access financial products and services that can help them to manage their money and plan for the future. This, in turn, can help to promote economic growth and development by increasing the number of people who are able to participate in the financial system.Financial inclusion can also help reduce poverty by providing people with the tools they need to save and invest their money, start businesses, and create wealth. It can also promote financial stability by increasing the number of people with access to formal financial institutions, which can provide a safe and secure place to store money and access credit when needed.Overall, financial inclusion is vital for ensuring that all members of a society have the opportunity to participate in the economy and benefit from its growth and development.Why do we need financial inclusion in a macroeconomy? was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

It is undeniably true that Fintech mobile applications are gaining popularity in the South East Asian nation, from digital payments to banking services, more Asians find the use of mobile finance apps easier and with minimal complications.In the Philippines, there is a recent survey by Robocash Group, that shows that one in every two Filipinos uses the services of fintech or mobile payments app, and multi-functional mobile banking app. Online lending and digital payments through mobile have been on the rise in the country, and also, the Philippines is said to be currently dominating in the popularizing of mobile fintech solutions. How cool is that?Since fintech is now on the move towards shattering the financial inclusion barrier in the Philippines, we have here the TOP 20 mobile financial apps from Google Play Store that Filipinos mostly use according to Mobile Action.Free Finance/Payments Apps:1. GCash — Buy Load, Pay Bills, Send Money2. PalawanPay3. Maya — Your all-in-one payment app4. PH Trade5. MocaMoca — Safe and fast loan6. My Home Credit — Loan, Load, Bills7. Billease — Buy Now, Pay Later8. PesoBuffet — Fast ash loan9. SSS Mobile10.UnionBank Online11. Virtual Pag — IBIG12. PayPal — Send, Shop, Manage13. Tonik14. PeraMoo — Online Peso Cash15. LandBank Mobile Banking16. OKPeso — Safe Online Loan App17. PesoQ — Reliable Online Loan18. BPI Mobile19. COCOPESO20.PesoRedee — Pera online loanHere are just a few of those many finance mobile apps you can find on the Google Play Store. You can read more here at Mobile ActionYou can also check us out at piccopay.sg if you’re looking for more fintech solutions options.20 Finance Apps in Google Play Store: Top Free Mobile Apps for Fintech in the Philippines was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

There are numerous industries that will definitely benefit when you have a fast and stable internet connection, and one of these is undoubtedly Digital Banking.The emergence of digital banks, according to Banko Sentral ng Pilipinas (BSP), is seen as a game-changer in the delivery of financial services and products, that are usually provided by traditional brick-and-mortar banks.What is digital banking?The BSP defined a digital bank as a lender that mainly offers its services digitally or through a digital platform instead of the physical and traditional banks that we know of. It is the full digitization of a bank, all is included: processes, its products, down to the services. Digital banking completely transforms any portable device into a bank, which means that a client or person can perform all transactions and banking errands within a mobile application/platform.Given the facts of a digital bank, it is explained that with digital banking, there is no more need for human or face-to-face interaction since everything is built with the latest technology, as well as data to improve the overall customer experience.Online banking and digital banking still differ in some ways. As online banking is mostly like personal banking or mostly used for day-to-day financial activities, while digital banking includes much more, like online payroll, accountancy systems, and all other aspects of finances that fall under it.Newly emerging digital banks in the PhilippinesThe BSP has made “digital banking” a new category of banks and awarded digital banking licenses to Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, UNOBank, Union Digital Bank, and Gotyme.The monetary board is hoping that these digital banks can help the BSP in achieving its goal of shifting 50 percent of total retail transactions in the country to digital and reducing the number of unbanked Filipinos. They are hoping that they can onboard at least 70 percent of Filipino adults to the financial system through bank accounts, lifting them from the unbanked situation. According to OpenGov Asia, this goal intends to transform, the Philippines into a cash-lite country.During the pandemic, the use of digital payments was seen as the most convenient way for financial transactions as it reduce mobility, face-to-face interaction, and the risk to health safety. According to the BSP, in the first seven months of 2021, the value of transactions made through local E-wallets increased by more than 180% and another by more than 80%.Fintech and Digital BankingThe massive growth of fintech companies is brought about by the complexity of the traditional financial system, which allowed fintech to see and find an opportunity in the poor banking experiences and created solutions that will benefit society. Digital banking is a move from traditional banking activities to a digital one where customers/clients can now find banking with the comforts of their portable devices. Both are deemed to have a different definition but unite in one goal — to make people financially included.The use of contactless technology is undeniably growing. Recognizing this rapid growth and development in the financial scene, the goal of the BSP to make the Philippines a “cash-lite country” is nearer than we thought.In the fintech scene, Piccopay is also envisioning creating seamless solutions for your payments, because we want to make your payments within your reach. Visit us at piccopay.sg for more inormation.References:Reyes, Mary Ann LL. “Digital Banking in the Philippines.” Philstar.com, Philstar.com, 5 Nov. 2021, https://www.philstar.com/business/2021/11/06/2139242/digital-banking-philippines.Hani, Aineena, et al. “Digital Banks to Bring Significant Impact on the Philippines Financial Sector.” OpenGov Asia, 6 Oct. 2021, https://opengovasia.com/digital-banks-to-bring-significant-impact-on-the-philippines-financial-sector/.Villanueva, Joann. “Digital Banks Seen to Boost Deposit Accounts in Ph.” Philippine News Agency, Philippine News Agency, 12 Apr. 2022, https://www.pna.gov.ph/articles/1172107.The emergence of digital banks in the Philippines: Game-changer in the financial inclusion agenda was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

The “unbanked” are people who do not use any banking services at all. They are the group who do not have any checking accounts, debit cards, savings accounts, etc. While the “underbanked”, are people usually with either checking accounts or savings accounts, but rarely use the banking financial services.According to a survey conducted by FDIC, when the unbanked are asked why they don’t have bank accounts, their common response is: “do not have enough money to keep an account” and “bank account fees are too high”. As for the underbanked, they usually sway to the side where it is more convenient; that is the alternative financial services, or what we call fintech.Both may have different terms, but they unite in one thing — finding convenience in the financial services offered by fintech companies. Still, the underbanked may have a slight advantage over the unbanked because of some reasons, but, that’s why fintech is here. The case of the unbanked can be put at ease — just trust fintech.If you are unbanked or underbanked wishing to accept payments online without any worries, visit us at piccopay.sg for more information.References:“Fintech: Financial Technology Research Guide: Unbanked & Underbanked.” Research Guides, https://guides.loc.gov/fintech/21st-century/unbanked-underbanked#:~:text=An%20%E2%80%9Cunbanked%E2%80%9D%20person%20is%20someone,alternative%20financial%20services%20(AFS).Unbanked vs Underbanked: How do they differ in 1000 characters was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.