Buy Property Through Your Mobile Phone

Buy Property Through Your Mobile Phone

blockchain, online pay

Without constantly exposing account numbers or going out of your way to pay personally, anyone can now easily buy a dress from Zalora, book a Boracay flight with Cebu Pacific, or even catch a ride from Quezon City to Makati via Uber. These are all paid online or with the use of a smartphone.

 

Online payment methods have truly made it more convenient to buy goods and services. Platforms like Paypal, Venmo, and GCash have made it possible to pay online fast with security still in mind.

Most of these established payment services are, however, limited to everyday goods and services. This leaves behind markets focused on investments like that of real estate. That is why more digital payment options are entering the fray, this time, addressing payment of even larger sums for larger goods, i.e. property.

 

bitcoin, cryptocurrency

 

Cryptocurrency – a new online payment option

Cryptocurrency is one of the byproducts of the trending term – blockchain, technically known as Distributed Ledger Technology (DLT).  Blockchain is the process of data transfer with one of those types of data being money – in this case cryptocurrencies. Bitcoin is one brand of cryptocurrency.

Cryptocurrency has penetrated many industries from financial investments all the way to farming. Real estate, in particular, started dabbling in it as well. In the Asian region alone including the Philippines, cryptocurrency has been recognized as the new online method of paying for goods or services.

 

Cryptocurrency in the Asian market

Asian countries capitalizing on property (proptech) technologies are diving deep into this trending platform. With no explicit existing legislation, Singapore proptech firms are already “tokenizing” property. Most notably, as the country of origin of blockchain and bitcoin itself, Japan is now implementing this data transfer method from vegetable distribution to house ownership turnovers.

The Philippines has been implementing blockchain payment in recent years too. TruePropertyPH was one who began taking bitcoin as payment for properties. Presently foreseen as a disruptor in many industries including real estate, some local property developers are even beginning to accept cryptocurrency albeit on a case-to-case basis.

 

Having this drastic digital innovation coupled with real estate firms embracing proptech platforms, expect to see quicker and efficient home buying this 2018.

 

Sources: CNBC, Business Times Singapore, Nikkei Asian Review, Tech in Asia, Business Mirror PH
Images courtesy of Mojix and Steemit

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