Personal Development, Finance and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
Technology is about adoption. And that requires education.
Why we should improve education with internet and technology? We live in the Internet age. Everyone wants clicks.
Online Financial Transactions
These involve movement of funds or payment of goods or services done through a computer or any device connected to the internet.
Common Types Of Online Transactions
Payment of bills (e.g., credit card, utilities) through internet banking.
Money sent or transferred to another account through an intermediary known to provide remittance services. Remittance commonly refers to the sending of money by Filipinos overseas to their beneficiaries.
Buying or selling of goods or services over the internet.
Buying or selling of investment products (e.g., Unit Investment Trust Fund, stocks) over the internet.
Bank Account Monitoring
Tracking and recording activities or data related to a bank account.
Tracking of loan payments and balances.
Features Of Online Financial Transaction
Security features such as One-Time Passwords (OTP) are provided to protect against security risks (e.g., identity theft and phishing scam).
Accessible and Convenient
24/7 accessibility from virtually anywhere is possible, provided you have internet connection.
You don’t need to contend with long and time-consuming queues in banks or in merchant shops.
Some services offer setup alerts to keep you updated on your account activities. This feature helps you monitor your accounts and avoid fees (e.g., transaction alerts and bill payment alerts).
While we say that online transactions are generally secured, these are still susceptible to security risks. Be sure to protect your personal information online.
Secure a reliable internet provider as poor connection/server may disrupt and cause delay on your transaction or payment procedure.
For payment and fund transfers, make sure to double check the entries made before confirming the transaction to prevent sending either an erroneous amount of money or to the wrong recipient.
Delayed Posting Of Transactions
Not all online transactions are posted real time. Some are subject to the same over-the-counter transaction parameters. Make sure to keep a record of your transactions.
Source: Financial Consumer Protection Department (BSP)
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institue - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. A Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.