20 Top e-Wallets in the Philippines: Their Pros and Cons
Instant noodles. Instant coffee. Instant jowa. And now, instant transactions. It’s funny how things happen in almost an instant nowadays — and finance is no exception. Gone are the days when we wait for hours just to pay our bills. Or fall in long lines just to send money to our dear ones. Thanks to these so-called e-wallets. In this article, let me talk about the top e-wallets in the Philippines.
I am a fan of these digital wallets since 2017. And as an avid user of some of those apps, I thought of compiling them here. I, however, did not limit this list with the ones I am currently using. I went the extra mile to ask some of my friends about their experience in using e-wallets.
I’ve included both the advantages and disadvantages of using these digital wallets. So before clicking that install button, you might want to finish this article first.
But before that, let me first talk about e-wallet.
What is a mobile wallet and how does it work?
e-Wallet. Mobile wallet. Virtual wallet. Digital wallet. Whatever you call it, these wallets are just the same. It is one of the newest ways to carry your money not inside your purse, but inside your online purse.
Cool, don’t you think?
Yes.
But how?
Well, just think about online banking. You still have the same amount of money but the main difference is you are not holding it physically. It was converted to digital cash instead. And instead of putting that money in your physical wallet, you are putting it in an online wallet in the form of an app.
But let me just get it clear. Don’t confuse yourself with online banking apps and e-wallet apps.
You can just use an e-wallet without any maintaining balance, a physical debit or credit card, or even without providing legal documents just to create an account.
As some people say, e-wallets are the banks of the unbanked.
Advantages of using e-Wallets
- You can skip bringing cash. Right now, most stores already accept payments from e-wallets like Paymaya and GCash through QR codes.
- Skip the lines and save time. This is probably one of the best reasons to use e-wallets. You can just pay your bills and even send money without the hassle of falling in long lines.
- E-wallets offer a lot of discounts, cashbacks, and offers. I can really attest to this one. I usually pay my bills and buy load using e-wallets. And boy was I able to save more than before.
- Send and receive money instantly with no transaction fees. As long as your sender or receiver uses the same e-wallet, you can just send him any amount without transaction fees.
I still have a lot of reasons why storing your money in e-wallets is a great idea. But let’s not forget its disadvantages.
Disadvantages of using e-Wallets
- You could lose your digital money. If you are not careful enough, you could lose your money to defrauders or hackers. Just make sure to strengthen your online security by enabling OTPs or two-factor authentication.
- Cashing in and out of your e-wallet can be costly. Right now, the widely available options to cash in or cash out in e-wallets are through remittance or online banking. There are also some kiosks that accept e-wallet transactions. Yet most of these options charge high transaction fees to make your money available on your e-wallet.
Now that you’re already aware of the upsides and downsides of having an e-wallet, let me proceed with my top picks for e-wallets here in the Philippines.
Disclosure: Please note that this post may contain affiliate links. Any sales made through such links will reward me a small commission – at no extra cost for you. Still, everything you read in this blog is based on my unbiased verdict towards the products or services mentioned.
Mobile e-wallets in the Philippines: Their Pros and Cons
Out of thousands of e-wallets available on Play Store and App Store, I listed down the TOP 20 of the most USEFUL and CONVENIENT e-wallets available in the Philippines.
1. Coins.ph
The Propaganda, “Never Stand in Line Again. Your phone is the only wallet you’ll ever need.” might be very familiar to you.
Coins.Ph is one of the top e-Wallets available in the Philippines with over 5 Million+ users.
This virtual wallet provides direct access to digital payment services such as bills payment (acting as digital Bayad Center), prepaid load wallet, local and international remittances and Cryptocurrency wallet.
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Read More: What is Bitcoin and Cryptocurrency?
2. Paymaya
“Don’t Pay Cash, Paymaya”
Paymaya, formerly named as Smart e-Money, also ranked top in the Philippines most used e-Wallet with over 5 Million+ users.
Paymaya is a prepaid online app that maximizes full use and convenience of having virtual prepaid card that can be used for online transactions just as bank-issued cards do, allowing those without credit cards to pay online.
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(UPDATED: In the Latest version of Paymaya, you won’t need to do video call with Paymaya’s tech support but you have to upload video confirming your details in order to get verified. In my case, since I’ve been using the app for so long, I’ve been verified thru video call)
3. GCash
GCash is one of topmost and used e-wallets in the Philippines with over 10 Million+ users.
Like any other virtual wallet, it allows you to pay bills, buy prepaid loads, send and receive money instantly wherever you are.
You can also use it as a payment medium for physical and online stores here in the Philippines.
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4. GrabPay
If you’re a fan of Grab services, you can use the GrabPay wallet as a cashless payment method for using Grab applications.
Its wallet holds balance that can be used in paying for hailed Grab services such as Grab Car, Grab Food, Grab Taxi, and etc.
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5. Paypal
PayPal is an American company that operates a worldwide online payment system.
It supports online money transfers and is the most used money transfer apps by lots of online freelancers.
However, as a payment processor for online transactions and commercial uses, it charges fees in most of the transactions.
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6. 7-eleven CLiQQ Rewards
CLiQQ is 7-eleven’s official mobile app in the Philippines.
It is used to avail of CLIQQ WiFi, CLiQQ Rewards and CLiQQ Wallet.
Using 7-eleven’s CLiQQ reward app, I’ve already redeemed the following items for FREE:
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7. Payoneer
Payoneer is a popular international money transfer platform.
It offers multiple ways to get paid online from international clients & withdraw to local banks.
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8. BanKo
BanKO is BPI Direct’s first mobile phone-based savings bank.
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9. Moneygment
Moneygment is a one-stop app that lets you pay Contributions to SSS, PhilHealth & PAG-IBIG.
It is an all-in-one financial solution for self-employed individuals, small to medium enterprises, homemakers, and OFW.
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10. Bitbit
Bitbit is an App that lets you send and receive money instantly.
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11. Denarii Cash
Denarii Cash enables money transfer using mobile app to help overseas workers send money home with Zero fees.
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12. DragonPay Credits
DragonPay provides alternative online payment solutions to businesses of all sizes and provides greater security and convenience than traditional credit cards by utilizing the Philippine bank networks and non-traditional outlets.
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13. Lazada Wallet
Lazada Wallet is an online prepaid account available if you install Lazada App.
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14. Loyal Wallet
Loyal Wallet is an e-Wallet that can be used to store up reward points from affiliated merchants and stores.
Points stored is in the form of cryptocurrency called LoyalCoins*. Loyalty discounts can be availed by using Pensionado Card** at affiliated merchants.
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15. ML Wallet
ML Wallet is a smart and convenient stored-value card system that allows you to send cash and pay bills through its app.
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16. E-Peso
E-Peso, a product of Genuisys International Systems Corp (GISC) is a digital/virtual currency based on the Philippine Peso.
The birth of E-Peso offers a convenient financial solution for consumers and businesses to transact securely by allowing users to access a digitized equivalent of the Philippine Peso.
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17. myVMoney
myVMoney was launched by VMoney, a global fintech firm.
Just like other e-wallets, myVMoney lets you send and receive funds, pay bills to over 90 billers, buy prepaid products, and shop online.
One unique thing about this e-wallet is physical VMoney Prepaid MasterCard or Visa like that in normal banks. You can request it on the app and use it to shop at retail and online stores just like how you use normal debit and credit cards.
You can also withdraw from your physical VMoney card to all ATMs that accept Mastercard and VISA.
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18. PaidUp
PaidUp is a new cashless mobile app that enables you to get more from their favorite stores by paying upfront in return for exclusive discounts and services.
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19. TagCash Wallet
Tagcash Wallet is an online payment system that makes payment transactions easier for you and your merchant.
It enables you to deposit, spend, charge, transfer, disburse and withdraw money using the web and mobile app wallets without transaction fees.
Tagcash is a central Bank regulated E-Money Issuer.
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20. Tapp Market
Tapp Market is a good place to bargain online.
This is where you can find great and cheap deals for phone credits, electricity, prepaid TV, game vouchers, phone accessories, fashion and more without the need for a credit card or a bank account.
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Top e-wallets in the Philippines: The next big thing?
The convenience of directly accessing financial services online made the biggest difference in the breakthrough of e-wallets. I know some of you still prefer transacting with cold cash. But I guess one day, we will all make cashless financial transactions just like what is happening in China today.
What makes it even more exciting is that you can treat your e-wallets as the modern loyalty card with lots of freebies and discounts while enjoying the benefit of a cashless financial system.
How about you? What e-wallets apps are you using right now?
Sheila
Sheila is a civil engineer by profession but has switched careers to become a copywriter. She loves making sales through stories that are relatable to the average person. She's also a sucker for memes and thinks she’s the funniest person in the world (even though she knows that’s not true). Her favorite drink is Kopiko Brown coffee, but she'll also take tea or beer if it's offered.
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ana rose
hi. regarding sa lazada wallet. Considered po ba na cash advance if yung cash in to lazada wallet is from BDO CC ?BDO mastercard..
Sheila
Hey there Ana Rose,
Haven’t tried it yet but I normally do cashins in different platforms using CC and they are normally treated as normal purchases, not cash advances.
Chin
Hi. Thanks for this friendly guide post on e-wallets. If you don’t mind, can you also create a how to use these e-wallets like from basic (opening an account) to other services blog post and also what e-wallet is best to use from the list and why. Thank you in advance for the response.
Sheila
Hi Chin!
Thanks for the idea! I’ll keep this in mind 🙂
– Sheila 🙂