Covid-19 isn’t going away anytime soon, it’s critical that everyone does their bit by maintaining good personal hygiene and avoiding unnecessary touching. Banknotes and coins are two of the few commodities that are both unsanitary and often handled.
As a result, many people are turning to digital payments, such as mobile wallets, to lower their chance of getting not only the Coronavirus, but also other viruses. An e-wallet is a mobile app that allows you to make digital payments using your phone, and there are plenty to choose from in the Philippines.
E-WALLETS IN THE PHILIPPINES
Electronic wallets are a relatively new phenomenon. There was a time when Filipinos believed it was all a ruse. There was a concern that users would lose their funds.
Banks, on the other hand, have begun to establish their own online banking systems and have permitted their banking systems to integrate with e-wallets.
As a result, both foreign and local e-wallets have grown commonplace in the Philippines’ banking market. Even those who previously relied on land-based kiosks now have their own e-wallet apps
PROS OF DIGITAL WALLETS
What are the advantages of using a digital wallet? Is it safe to use them? Let’s have a look at some of the benefits of using them.
- Mobile wallets are more secure than traditional wallets. If you misplace your phone, simply download the app again and log in. You no longer need to bring a large sum of money with you.
- Convenience — e-wallets eliminate the need to queue. You can pay without leaving your house if you pay online.
- Flexibility — e-wallets serve a variety of applications. Depending on your needs, you can sign up for multiple of them.
CONS OF E-WALLETS
- In the financial world, not everything is as it seems. E-wallets can be risky at times, and some services may not function as expected.
- Charges are one disadvantage of the digital wallet system: if you use it, you will have to pay fees. You must pay fees whether you pay your bills or receive money online.
- Another issue is that you may not always have a lot of options. Not all e-wallets are able to conduct transactions in all countries. Some of these are restricted to specific jurisdictions.
So, what kind of digital wallets are available in the Philippines, and how do they differ? Let’s get started.
Filipinos can use the AllEasy e-wallet software to conduct smooth digital payments such as sending money, paying bills and merchants, and even making safer purchases via Pay on Delivery.
AllEasy, a mobile wallet, is a convenient alternative to cash and credit cards. The AllEasy app may be used to pay bills, send money, buy items, and more.
However, you must have money in your account to use any of these functions.
PayMaya is a free e-wallet app that satisfies your desire for safe and secure transactions. You may use the PayMaya app to buy things, send money, make bank transfers, pay bills, scan-to-pay, and pay using QR codes, among other things.
You can properly manage your savings, carefully filter your investments, take advantage of fantastic deals, and even get cashback when you buy with PayMaya.
This is a fantastic deal! Changing your phone number, on the other hand, could be a pain. Furthermore, if you intend to register additional accounts under your name, you will be unable to do so. A valid ID, a written letter, and an email will be required, and the process will take 3-7 days.
Even if you don’t have a bank account, Coins.ph allows you to buy prepaid loads, send money, pay bills to 95+ businesses, and receive remittances from over 200 nations and territories. Coins. ph, a Philippine-based corporation founded in 2014 and licensed by the Bangko Sentral ng Pilipinas (BSP), promotes cash transfers using the Bitcoin Blockchain technology.
You may also use this for business because you earn savings every time you buy a prepaid load. You also get refunds when you pay your bills on time.
The main disadvantage of this app is that it is frequently updated, but it lacks some features that an Android app has, or that Android users will have to wait a little longer for the same feature that we iPhone users will get.
GCash is a mobile wallet program that allows you to send money in real time, instantaneously transfer money to 40+ banks, pay bills and fees to over 40 billers, buy loads, and receive remittances online, including PayPal payments.
You can also shop without a credit card, use credit to stretch your budget, start a savings account with no initial deposit, invest money for as little as P50, and use GCash Forest to help restore the Philippines forest.
However, starting May 17, 2021, convenience store operator 7-Eleven has charged a 1% convenience fee for GCash cash-in transactions, which is a disadvantage of this program.
GrabPay has scaled up its cashless solutions to allow fellow Filipinos accomplish more things from the comfort of their own homes, all with the convenience of a single digital wallet.
Invest in your GrabPay Wallet, take Grab rides, and spend your points at GrabPay retailers are just a few of the things you can do with GrabPay. Because of its award-winning technology and partnerships with reputable e-payment businesses, it is a mobile wallet you can trust.
Money transfers only function for individuals who already have a Grab account, which is a minor flaw with this program.
PayPal, a digital payments veteran, facilitates online money transactions and provides an electronic alternative to traditional paper methods. It charges a fee to act as a payment processor for online sellers, auction sites, and a variety of other commercial users.
This software is really safe and useful for simple money transfers, and it is also incredibly convenient despite the fees. However, the following are some of its drawbacks: 1) There is no direct customer service available online, and 2) the buyer-seller conflict is difficult to resolve.
Dragonpay is one of the solutions for those in the Philippines who do not have bank accounts or even credit cards. It supports payment via an online account and a mobile wallet, which is advantageous for e-commerce businesses in the country. With a fixed-price structure, this program is user-friendly for both merchants and customers.
One of the most prevalent issues with this software is that the DragonPay credits cannot be utilized at any stores, which is most likely due to system maintenance.
The mobile e-wallet is a useful tool, especially in this era of the new normal, when people choose to do their shopping from the comfort of their own homes. The above-mentioned e-wallets all have the same benefit of giving solutions to customers who do not have bank accounts or credit cards.
Anyone may simply send and receive money, buy loads, and pay bills with these e-wallets. But, like with other mobile applications, there are system flaws that may be improved and customer concerns that can be addressed in order to increase user pleasure.