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Get Connected: Online Alternatives to Everyday Transactions

The World Health Organization (WHO) has advised the public to shift to contactless transactions and avoid in-person activities as well as handling money as much as possible as they can be a potential COVID-19 carrier and accelerate the spread of the disease. This is not new since digital or online transactions have been existing around the globe for years already. Many businesses and banks have already pioneered digital transaction for the convenience of their consumers which includes easy payment and for security purposes.


Here’s a rundown of some activities you can do online to avoid in-person transactions.


  • Check your balance
  • View your bank and transaction statements
  • Transfer funds
  • Pay your bills, loans and other obligations
  • Buy or sell goods


Moreover, when buying or selling products or services, what you need to do are the following:


  • Pre-purchase/Sale – check the details of the product or service that is advertised online.
  • Purchase/Sale – when you like a particular product or service, you buy it and make the payment online.
  • Delivery stage – the goods that you bought will be delivered to you.


These stages in your online transaction are the easiest ways, so you will no longer need to go outside and travel back and forth from your house to a store.


How does digital or online payment work?


The no face-to-face transaction is really a big help amid the quarantine due to the COVID-19 pandemic. You can use it to help avoid the proliferation of cases. All you have to do is connect your device such as a phone, a desktop, or a laptop to the internet, and then choose to process your payment for goods or services through online transactions via debit card, credit card, or electronic funds transfer (EFT).


The first two choices are the most common ways of online payment here in the Philippines. The debit card is a direct debit transaction, meaning, it’s a way to transfer funds in real-time from a bank account to a merchant or an automated teller machine (ATM). By using the credit card, you can borrow money from a financial institution to make a purchase. Just don’t forget to pay full or on time to avoid paying the interest charges or late fees and make a minimum payment so you can pay less than the full balance. The latter option allows payment by using electronic signals to transfer money. When you start an EFT, signals are sent from the terminal via 128-bit encryption which makes it more secure in transferring your money. The 128 -bit SSL (Secure Sockets Layer) encryption renders 1 million different combinations, so it would be impossible for the average hacker to guess your sensitive information.


When using one of these options, you have to give information about the transfer, such as your account number, account holder name, and the transfer amount.


Due to the limited stores, banks, and businesses open and numerous applications for each, many are having a hard time processing their transactions. It’s very efficient now that there are non-bank financial services providers that are offering a single and efficient way to do all of your online transactions. Thanks to Cebuana Lhuillier Rural Bank, these are made possible through the Cebuana Lhuillier Micro Savings and the  eCebuana Mobile App.


By using the eCebuana app, you can do the following.


  • Receive shipments from other banks to your micro-savings account.
  • Send money to other micro-savings accounts.
  • Check micro-savings balance.
  • Send money to another Cebuana Lhuillier branch
  • Make an e-load or pay your bills online


Cebuana Lhuillier Micro Savings

Cebuana Lhuillier Micro Savings is almost the same with any regular savings account, but the good thing about this is that it doesn’t require a maintaining balance. Kids as young as 7 years old can open their own Micro Savings account, and it can be considered as a  “kids savings” or  a “junior savings” account.


You can open your account by visiting the nearest Cebuana Lhuillier branch to fill out some forms. You will be needing P50 for the minimum initial deposit, a P100 card fee (for clients without 24k card), and one (1) Government-issued ID such as passport, driver’s license, birth certificate (for minors only), or student ID (applicable only if the student is currently enrolled).


And for faster and more convenient transactions, you may connect your Micro Savings account to your eCebuana app. By doing so, you need to connect and register your 24K card number to the application to proceed with your desired transactions.


COVID-19 truly challenges traditional banking and business habits, but through adapting to their digital solutions and fintech, you will no longer have difficulty making any transaction. It will not just make your life easier, but also safer.


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