As per Senator Erwin Tulfo, many Filipinos can be brought into the digital financial system not only by offering cheaper transaction costs, but also by providing a much easier way to enter, understand, and use digital financial services.
Senator Tulfo emphasized that expanding digital financial inclusion in the Philippines requires more than simply lowering fees.
Many Filipinos still face barriers that make digital financial services difficult to access and understand, like facing complex account requirements, and the need to present multiple identification documents and certificates, limited connectivity mobile and wi-fi, and concerns about frauds and scams.
To Filipinos, especially those who are new to digital financial services, these requirements can make the process feel complicated and discourage them from using formal financial services. Connectivity also remains a concern, as not everyone has stable internet access needed to consistently use digital financial platforms.
To address these barriers, Senator Tulfo urged financial institutions and regulators, including digital banks, traditional banks, e-wallet providers, fintech firms, and telecommunications companies, to help build an ecosystem that is “easy to enter, easy to understand, and easy to use.”
This is especially important for first-time users, showing why different sectors need to work together in building digital financial inclusion. The telecommunications companies provide the connectivity needed by Filipinos to access digital financial services, while banks, e wallets and fintech companies provide the platforms where they can save, send, receive and manage their money.
The payment system should also be reliable so that transactions can be done properly and safely. Customer support is also important when users experience problems, while fraud protection can help protect their money and personal information.
Beyond Lower Fees: Making Digital Finance Easier to Use
If one part of the system is difficult to access or use, it can still become a barrier for Filipinos even if the financial service itself is already available. Making digital financial services more accessible and easier to navigate can encourage more Filipinos to participate in the formal financial system.
In practice, being “easy to enter, easy to understand, and easy to use” means removing the unnecessary barriers that may discourage Filipinos from using digital financial services.
Being easy to enter means having minimal requirements and a smoother onboarding process, while being easy to understand means having clear instructions, terms, and interfaces that allow users to easily grasp how the service works.
Moreover, being easy to use means having platforms that are simple to navigate, allowing users to complete tasks quickly and efficiently without always needing tutorials or assistance.
The BSP’s initiative for banks to lower their fees can help improve access to digital financial services. However, Tulfo stressed that these policies should improve the lives of ordinary Filipinos and address the actual barriers they face.
Lower fees alone would not help those who still struggle to open an account, understand banking applications, or safely use digital platforms. If the process remains complicated, reducing the cost of transactions may not be enough to encourage more Filipinos to participate in the digital financial system.
Consumer trust is also just as important as access. People may not embrace digital finance if they believe that their money and personal information are not safe.
Safeguards against fraud, clear disclosure of fees, accessible customer support, and effective complaint mechanisms are therefore essential in building confidence in digital financial services. Users need to feel that digital financial platforms are not only affordable, but also safe and reliable.
This is where financial and digital literacy also become important. Tulfo highlighted the need for user-friendly interfaces, better financial and digital literacy, and reliable connectivity, particularly for Filipinos who are new to online financial services. Even if digital financial services are available, users may still struggle to benefit from them if they do not understand how to use them or do not have reliable internet access.
The success of financial inclusion should not only be defined by the number of accounts opened or transactions recorded. It should also be measured by how Filipinos are able to use these services in their daily lives, such as saving money, sending and receiving payments, accessing responsible credit, obtaining insurance, and managing their finances more effectively. This shows that financial inclusion is not simply about bringing more people into the system but making sure that they can benefit from it.
By creating a financial ecosystem with zero unnecessary barriers, rather than simply aiming for zero fees, digital finance can become more accessible and closer to the everyday needs of Filipinos.
The goal is not only to make financial services cheaper, but to make them simple enough to enter, understand, and use, so more Filipinos can confidently participate in the formal financial system.
This idea of making digital financial services easy to enter, easy to understand, and easy to use can also be applied in digital financial applications.
Putting Digital Financial Inclusion into Practice: DOPAY to start your digital financial journey
It is not only about making the service cheaper, but also making it easier for users to access, understand, and use. One example of this is the DOPAY app, which shows how digital technology can provide a more convenient way for Filipinos to access financial services.
Lower fees means users can keep more of their money, while having an easier to use application can help more people use digital financial services, especially those who are still new to digital finance.
DOPAY complements the digital financial ecosystem by offering BSP-licensed e-wallet and crypto wallet services. It integrates payment solutions that helps reduce costs, improve security, and extend access to underbanked Filipinos.
Through the combination of compliance, transparency, and innovation, DOPAY aims to help Filipinos participate more in the digital economy. With DOPAY’s crypto wallet, users can also gain crypto rewards for every trade under its Trade & Earn program.
Not just that, through its Refer & Earn program, Filipinos can also unlock additional earning opportunities with every successful referral.
With these features, DOPAY shows how digital financial applications can be more than just a way to make transactions. By making financial services more accessible and easier to use, applications like DOPAY can help support digital financial inclusion and make digital finance more closer to the everyday needs of Filipinos.
Download the DOPAY app today!
