Property professionals in the Philippines know how much of a pain dealing with checks can be. The entire process, from mailing them to waiting for the payment to clear, is tedious. And with digital payments pervasive across many other sectors these days, the Bangko Sentral ng Pilipinas (BSP) believes its time the real estate industry caught up to speed.
“The real estate industry stands to benefit substantially by adopting digital payments,” BSP Governor Benjamin Diokno explained to the Philippine Daily Inquirer. “The industry can also play a significant part in broadening the adoption of digital payments among Filipinos.”
By leveraging digital payments, property professionals in the Philippines will find the collection process to be easier and more streamlined. Additionally, barriers causing people to miss payments, such as mailing a check or needing to make an in-person payment, are eliminated. In most cases, everything can be done from a person’s phone.
“Compared to check payments, you need not wait for the check to be physically mailed and cleared, which helps in avoiding potential float costs,” Diokno added.
With ecommerce having gained traction in the country, more people in the Philippines are now comfortable with digital payments. In fact, the BSP reported a 5,000 percent increase in e-payments during the COVID-19 pandemic.
Property professionals in the Philippines adopt new technologies
The COVID-19 pandemic has seen property professionals in the Philippines adopt new technologies to better serve the market. Virtual property viewings are one example of this. Digital showings have allowed clients to see inside properties without needing to leave their own home.
Property professionals have also become more reliant on online real estate marketplaces to connect with home seekers. This required them to create detailed, engaging listings that can attract the attention of potential homebuyers.