PRE-PANDEMIC FINANCES: WHAT GENERATIONS Z AND ALPHA DID NOT EXPERIENCE

While Fintech started its rise during the latter half of the 2010s, it was only during the pandemic that all these different digital banking, virtual wallet, and online payment platforms got into their stride in terms of their userbase.

-  Chris Noel Hidalgo

Due to the dangers of physical cash transactions then, we saw how all varieties of businesses - restaurants, retail chains, mom-and-pop stores, and even sari-sari stores — adopted and thrived on digital payments and transactions. Even taho and fishball vendors got into the trend and used QR codes for payments. That's how popular Fintech became due to COVID-19.

But before the conveniences of today's financial landscape for consumers, there was a time when financial services weren't as accessible nor as speedy. For our Gen Z and Gen Alpha readers, here are some things that we Millennials and the older generation had to deal with for the sake of money.

Sending and receiving money

Today, if you are sending or receiving money for whatever purpose - allowances, purchases, or your share in the group's kaniyakaniyang bayad meal - and you aren't using cash, the same bank, or the same payment platform, then you can use Instapay or PESOnet for a minimal fee. It is so convenient not having to worry about carrying stacks of cash for a hefty purchase or having enough change to split the dinner bill.

These now-invaluable fund transfer services were established in 2017. However, before they were the norm, digital cash transactions were, in hindsight, quite inconvenient. I still remember having to go to a courier shop or a pawnshop to receive my allowances. This involved riding jeeps, queuing in line, manually filling up forms, and commuting back to my dorm, wary of thieves or hold-uppers who prey on newly cashed-up college students. Sometimes, if I was particularly unlucky, the shop would not have enough cash to cover the remittance, and I would have to try again the next day.