July 20, 2021 - Manila, Philippines - Against the backdrop of rising mobile payment activity comes the rise of digital wallets. As more and more businesses use cashless payment options in daily transactions, the Philippines’ world-famous Boracay, has also announced its adoption of the new normal for the future. Boracay to go cashless which means paying for many things including services cashless. It's called Boracay Wallet.
Boracay Wallet is projected as the future of Boracay together with Dantru’s San Guillermo Wallet for Laoag City. And, as the Philippines enters into a cashless society, Dantru Development Corporation and Fenris, Inc. prop up their muscle and said they will fully roll out their eWallet version by as early as September, 2021.
What exactly is a digital, or mobile, wallet? It is what it sounds like, a wallet in digital format that sits on your mobile device rather than in the physical form in your purse or pocket.
Digital Wallet or eWallet is an attractive feature in this pandemic world which increasingly favors contactless payments.
There are two main types of digital wallets, closed and open. Closed wallets typically connect directly to a specific merchant. Open wallets are based on a central platform that allows the users to pay any retailer that is compatible with the platform, using any compatible payment method – like Visa, Mastercard, etc.
Digital wallets can also manage all your credit and debit cards without adding any bulk to your life. A digital wallet also has the potential to reduce fraud as they are more difficult to steal and use than a physical card or cash.
AllBank Inc., formerly Optimum Development Bank, Inc. is currently working with RPConnect and Fenris, Inc for the eWallet and eCash currency.
All-Bank is in the business of providing specialized financing products and services and its fundamental goal is to play a vital role in the development of the communities.
The e-wallet initiative is meant to help cash-paying people shift towards cashless payment. And because once the wallet is activated, users can enjoy the other benefits — like deals, promotions, and utilities.
These eWallets can even help commuters embrace cashless payment, and unlock the many benefits that await them.