Download our report: From Peso to Digital currencies The Rising Trend of Digital currencyPayments Among Freelancers in the Philippines
As the gig economy continues to grow in the Philippines, more and more freelancers are choosing to be paid for their services via alternative payment methods like digital currencies.
Why are Filipino Freelancers choosing to get paid in digital currencies? How is the freelancer market benefitting from digital currencies payments? In this article, we break it all down.
Unpacking the Philippine freelance boom
Coming in sixth place among countries with the fastest-growing market for freelancers, the Philippine freelance community is making its mark on the gig economy. Over 1.5 million Filipino freelancers offer a wide range of skills and services to clients both locally and globally, with their main suite of services including:
- Web development
- Graphics design
- Content writing
- Content creation
- Social media
- Chat support
- Customer support
- Virtual assistance
What is the reason for their thriving growth?
These remote workers have set themselves apart from other freelancers by demonstrating an openness to new technologies and innovations, particularly in blockchain and digital currency.
The use of digital currencies in the freelance economy has been on the rise in the Philippines, with many freelancers accepting digital currencies payments for their services. A study conducted in April 2023 among Filipino freelancers, revealed that over a third of the respondents receive digital currencies payments from their clients on a regular basis.
In this article, we break down the essential role digital currencies payments play in the Philippine freelance market.
Digital currencies & freelancing – a match made in Web3
Many independent creators and developers are actively exploring the emergence of Web3. Powered by blockchain technology, Web3 is defined by innovations such as digital currencies, decentralized applications (dApps), and non-fungible tokens (NFTs).
These innovations take out the need for intermediaries and offer an autonomous system that provides more control and ownership for users – a system that is very much aligned with the characteristics of freelance work.
As freelancers pivot towards the in-demand skills in this area, they have embraced the use of digital currencies to exchange and transfer value within these systems.
So why are Filipino freelancers choosing to be paid in digital currencies?
Digital currencies payments hold certain advantages over traditional payment methods. These advantages include customer demand, faster transactions, and greater access to the global market.
Clients are increasingly requesting to pay in digital currencies, which offer more secure and private transactions. In fact, 61% of respondents claimed client demand as the top reason they embarked on accepting digital currencies payments for their services.
As more clients adopt digital currencies as a payment method, freelancers strive to keep up with their preferences and expectations. Filipino Freelancers choosing to get paid in digital currencies are able to cater to a wider range of customers and increase their income potential.
Accepting digital currencies payments can significantly speed up the payment process compared to traditional payment methods, with transactions being completed in just a few minutes.
As backed by survey results, 58% of the Filipino freelancers cited quicker transactions as a primary reason for accepting digital currency payments. This benefit is particularly important for many of them who rely on a steady stream of income to support them and their families.
Access to a Global Market
With digital currencies, 51% of freelancers believe they can receive payments from clients all over the world, without having to worry about currency conversions or transaction fees. They wish to expand their client base and tap into new markets, which can lead to increased revenue and opportunities.
This is key for Filipino freelancers as Triple-A’s study pointed out that over a third of these remote workers have clients from other countries.
The only way for digital currencies is up ⬆️
As the gig economy continues to grow in scale and popularity, more and more freelancers will look to accept digital currencies as a payment option. In fact, Triple-A’s survey findings highlighted that over a third of non-adopters expressed a strong willingness to accept payments in digital currencies. The numbers speak for themselves – these Filipino remote workers have shown that they are savvy enough to adapt and leverage the benefits of getting paid in digital currencies.
Digital currencies payments are not only a convenient and efficient way to get paid, but also a gateway to a new world of possibilities.
So what does this mean for mainstream freelance platforms, social media, and for the creator economy as a whole?
As all parties become familiar with digital currencies, we can expect to see continued growth in the use of these digital assets in the freelance economy. Hence, freelance platforms have the opportunity to facilitate these transactions and stand to benefit from them as well.
If you want to know more about how digital currencies payments are reshaping the freelance market in the Philippines, download our April 2023 report below. It highlights the growing acceptance of digital currency payments among freelancers in the Philippines due to the advantages it offers over traditional payment methods. This guide also provides a comprehensive overview of:
- Latest trends in digital currencies payments
- Insights into Filipino Freelancers’ attitudes towards digital currencies
- Reasons for accepting digital currencies payments
- Freelancers’ future outlook on digital currencies
You can pick your local currency as the settlement option without having to hold or convert digital currencies.
Download our report: Why are Filipino Freelancers Accepting Digital Currency Payments?
Start paying freelancers in digital currency
with Triple-A, a licensed digital currencies gateway.
Integrating a new payment method into your existing infrastructure has never been easier. With a licensed digital currencies payment gateway, the process is seamless and requires minimal effort on your part.
By entrusting Triple-A to handle all the conversion and transfer processes, you will:
- Avoid volatility risk
- Enjoy instant confirmation on all digital currency transactions
- Get settled in your bank account, in your local fiat currency, the next day
- Cater to all digital currencies wallet users. Our solution is compatible with all digital wallets.
This means that you can enjoy the perks of accepting digital currencies as a form of payment without the trouble of managing digital currencies.