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What Are The Pros And Cons Of Going Cashless?

People share their experiences with cashless transactions.
PHOTO: Getty Images/iStockphoto
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In today's global health crisis, people are expected to keep their distance as much as they can, making cashless transactions the better option for everyone involved. But even before the COVID-19 pandemic, people have started shifting to using payment apps like GCash and PayMaya as well as their bank's mobile apps. These payments happen digitally, which means you don't need to be carrying cash or barya around. For many, it's faster and more convenient. This also means that it's a "greener" way to pay for things because in the future, there would be no need to produce money. 

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Another benefit to going contactless or cashless is how much easier it is to see where your money goes. Every transaction is reflected in a bank statement or the app you used, which means if money goes missing, it's more noticeable. When someone steals cash from your wallet, you probably won't be able to get that back. In contrast, you can talk to your bank or cancel your cards online to solve this problem. 

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But technology isn't perfect. Unexpected maintenance work, glitches in the system, and poor connection are a few reasons why people are hesitant about going completely cashless. Without physically holding your money, it might also be harder to budget, and that could lead to poorer spending habits. 

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Below, we asked the members of our Cosmo Community for their personal experiences.

  1. "I've been using GCash for pretty much everything (paying bills, topping up my Shopee and Lazada pay accounts, etc.) and it's super convenient! I also use the Coins.ph account to send Palawan Express remittances, and so far, it's been super efficient." -Andie
  2. "Very convenient. TBH, the only thing that was stopping me from going cashless was paying for parking! Haha. I also think it's challenging lang if you don't give yourself a budget, kaya GCash is so helpful. I'll transfer *fun money* there and 'pag ubos na, no more spending!" -Retty
  3. "The best! I have Gcash and PayPal but I try not to leave money in those accounts (just as a precaution) and only use them when I need to transfer. Sometimes, though, GCash gets glitchy and some transfers take longer then others." -Ysabel
  4. "I'm a convert!!! Super convenient, it lessens bank trips. Would not work for less tech-savvy people though (like my parents, whose bills I now pay for temporarily so they don't need to go to the bank as often). Last bought food for a small birthday celebration at home." -Maebel
  5. "It's really fast and convenient. But I've experienced paying food online (reputable food delivery app) then my order was canceled. Happened to me twice when one time I ordered and the rider must have given my order to someone else. Never got my money back. Now I learned my lesson and always do COD (cash on delivery)." -Kimmie
  6. "Going cashless is both a blessing and a curse for me kasi parang mas bumilis akong mag-checkout nung nagkaroon na ako ng online banking accounts. It's super convenient but at the same time, parang magiging cashless na rin ako in a sense na mauubos na pera ko, lol!" -Karla
  7. "One thing that I don't like about it is it feels like you can keep on spending (lalo na if credit card) tapos gulatan sa bill. Even if debited sa bank account, it still doesn't feel the same as physically handing over the cash to the merchant which, for me, makes me think twice before buying. More self-control talaga kailangan and make sure may online banking account para you can keep tabs on your cash, baka maubos lol! Other than that, I LOVE IT!" -Anya
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