One problem faced by online entrepreneurs in the country is the low credit card penetration of the country or the strong hesitation of Filipinos to utilize online payment systems to complete their online transactions.
“We want to keep it simple and get rid of the unnecessary. We now make online shopping accessible to the 93 percent of the population that does not have credit cards, after all, the Philippines is still a cash-based society,” Bryan Horner, chief executive officer of Cashsense, said during the launch Wednesday. [Read about the top consumer trends to watch out for in 2011 here]
The company behind the project, Cashsense, is a Filipino company that started in 2005 and is engaged in the remittance and payroll systems. This year, the company unrolled the online shopping system that utilizes cash payments instead of the usual credit card.
Under the cash-based system, the shopper will purchase a product online wherein a reference number will be given upon completion. The shopper has to pay the amount plus a flat rate of P25 processing fee within 24 hours at any 711 outlet or MLhuiller center.
“If we really want mom or auntie to buy her ferry or airline ticket or a gift for someone online, then you have to make it really easy for her” Horner said.
Cashsense has developed systems and integrated thousands of pawnshops and convenience stores together with online merchants in order to make online commerce easy.
“We are excited to support Cashsense and its online merchant system. Online shoppers can now easily select any product carried by Cashsense\\\'s merchants and pay at any of our 1,300 conveniently located locations nationwide.” Mike Lhuillier, Mlhuiller owner, said.
With the online mall, the shoppers have to only browse through the website and select the goods they want to buy and checkout. At present, Cashsense has 52 merchants on their website and are in talks with airline companies.
Should talks push through, online booking for airline tickets will soon be made even without the need for a credit card, something that 93 percent of the Filipino population can relate to.
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