This article is all about best mobile e-wallets Philippines and all you need to know about them.
Online monetary operations digitize the world. Regular transactions, billing, and storage systems made with the help of devices become a routine procedure for everyone. Furthermore, practically no one business organization does something without international transfers, which becomes an essential aspect of financial constituent.
Making payments and keeping money online engage people by its convenience, and less time spent on it. E-wallets were created to simplify the online discharges and make the monetary preserving function easy.
So, why has such a digital opportunity become popular worldwide? What criteria help to define the best mobile e-wallets Philippines?
Table of Contents
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Advantages And Disadvantages To Having A Digital Wallet
An objective fact is that digital wallets on devices have come from abroad to the Philippines. It took a lot of time to obtain the newly developed digital algorithm because only digital embankments were popular then. But for several years, practically every financial establishment started using them.
Benefits To Have A Digital Wallet
The most prospective features of them are the following:
- Easy transactions: opening a specific bank report is not necessary to maintain the wallet; transactions can be provided from any part of the world using your device only.
- High-security level: to use the wallet, individual information, or specific bank card data like in the banking systems is not required; you won’t be linked to a phishing website to become robbed.
- Some wallets suggest adding a card to your account. You may do this because the safeness of your data won’t be crippled.
- Variety of functions: the wallets are created for various goals, so you can choose the most convenient.
- Loyalty programs: mobile e-wallets Philippines have more bonuses and loyalty programs than large quantities of banking systems.
All of the listed parameters are available practically at each modern digital wallet to make the maintenance convenient and suitable for most clients.
Disadvantages Of Mobile E-Wallets Philippines
However, somebody can meet with several flaws, which may be essential while choosing a convenient digital payment system in the Philippines:
- The deposit insurance system doesn’t protect the digital funds;
- The interest rate is not accrued to the balance;
- An e-money operator to suggest loan application to the customer (an optional function);
All in all, mobile electronic payment systems are growing continuously. The developers try to make the possible flaws primarily acceptable for the customers.
Fully And Half Digital
As a rule, digital wallets are entirely subjected to the customers, which allows their easy maintenance. Indeed, the wallet has the information (the customer’s data) and programming elements (the software), which prove the high security and confidentiality.
Mobile e-wallets Philippines can be:
- Fully digital and have no physical adaptations for using as a typical card; in this case, to make payment, an NFC function is available.
- Half electronic – a specific card is provided to the client, which has the same functions as the bank’s one.
In both cases, the customers fully maintain their accounts and see no differences except the physical adaptation.
Types Of Mobile E-Wallets Philippines
There are 3 types of digital wallets, which determine the operations it will maintain and the maximum amount, which can be held on it.
Anonymous Wallet
It is the quickest to apply and easy-to-use type. All data, which is required is your phone number, login, and password. The wallet has a limited amount of functions:
- no transfers on other wallets can be done; getting money transfers on it is also unavailable;
- digital transfers can be made only on the resources, which belong to legal entities and individual entrepreneurs;
- it can be accrued with transactions from a mobile phone or a specific terminal.
It will be suitable for those who require making regular non-personalized purchases.
Personalized Wallet
In this case, all the individual data is required to create an account. It has a limited amount of maximum cash, but it is much bigger than in the anonymous one. Within the limit, payments in both offline shops and transfers at other wallets can be made. The wallet can be replenished with any specific terminal, transferred from another wallet or banking card.
Identified Wallet
It is the wallet, which has the widest variety of functions. As a rule, a personalized wallet can be improved to be identified. Customers should come with a passport to the office of the e-wallet operator or its partners (they are often cellular companies) to confirm their personality. Foreigners may also have to provide additional documents.
TOP 7 The Best Mobile E-Wallets Philippines
Each of the following wallets has its advantages and disadvantages, which should be carefully learned before making an account. They have specific functions, which always consider the most inquiries of the customers.
PayPal
It is the most popular global mobile payment system, created in the USA, and quickly spread worldwide. The payments are made after several confirmation processes. An electronic mail and password are required to start it’s use. The purchase inscription is automatically added to the account, if necessary. Applying for PayPal is free; the customer is not assigned a commission for sending funds. However, the commission is charged to the receiver. Its amount depends on the country where the payment was first made, and the user’s country receiving it.
Moneygment
It is a highly reliable system with powerful confirmation algorithms. It has a specific mobile application, which is suitable both for self-employed people and big companies to maintain global transactions. Bills, wallet-to-wallet transactions, repayments are fully available for the customers. Also, SSS, Health, and Internal revenue payments can be made correctly
Dragonpay Credits
The platform is based on the algorithm of prepaid credits. The mobile application can be downloaded for free from any mobile store. The registration requires similar data as the previous ones. The ability to pay at each online shop or get transfers from any banking facility is available. Recurring remittance, and mass payout are the main functions of the platform, known for the customers.
Coins.ph
It is one of the best and efficient mobile e-wallets Philippines.
It has several registration levels, which determine the account status and the amount of money, which can be stored:
- Level 1. If only email and mobile phone numbers are provided, a 50,000 PHP will be available in the wallet.
- Level 2. Adding the ID and making a selfie improves your account’s cash amount to 100,000 PHP.
- Level 3. Provide the data about your home address and get the ability to hold 400,000 PHP on your account.
- Level 4. Making additional confirmation makes your account fully confirmed and allows having up to 5 million PHP.
All the restrictions are continuously removed from the report due to its current status.
GrabPay
Firstly, the system was available for payments only after adding the card. But recently, it got a status of the wallet, which allows making in-store purchases, grab rides, money transfers, and deliveries. GrabPay allows tracking every transaction using the latest specific algorithms and, indeed, has seamless convenience.
Payoneer
It is a half digital payment system, based on the principle of international relationships between freelance companies. Most organizations use it for wage payments because of its low commissions, fast charges, and high reliability. The payments can be received in different currencies. A customer should send a specific request to make payments.
GCash
GCash – it is a licensed mobile e-wallet Philippines, which allows the provision of various functions. Movie booking, game credits, bills, shopping, worldwide transfers, and many other functions become available for those who choose GCash services.
Number of mobile wallet users in the Philippines in 2020, with a forecast for 2025
Summary
All in all, e-wallets are a comfortable way to make digital payments and transfers without cash. Everything required is choosing a suitable mobile platform, downloading an app to maintain it, filling in the necessary data to select the account status, and enjoying making payments quickly and comfortably.
