Go Cashless with the 12 Best E-Wallets in the Philippines

PayMaya is a free e-wallet app that caters to your need for secure and contactless exchanges. You can utilize the PayMaya app to purchase goods, send cash, make bank exchanges, pay bills, scan-to-pay, through QR, and more.

With PayMaya, you can effectively oversee your funds, closely screen your investing, appreciate awesome bargains, and even get cashback once you spend.

A great offer indeed! However, it might be quite a hassle to change your number. To add, you cannot open multiple accounts under your name if you wish to. You would need to provide a valid ID, a written letter, and an email which will take 3-7 days.

Coins.ph is a mobile wallet that permits you to buy prepaid loads, send money, pay bills to 95+ vendors and receive remittances from over 200 countries and territories - even without a bank account. Licensed by the Bangko Sentral ng Pilipinas (BSP), Coins. ph is a Philippine-based company established in 2014 that encourages cash exchanges utilizing the Bitcoin Blockchain innovation.

You can also do business with this since you get discounts every time you purchase a prepaid load. Additionally, you get rebates whenever you pay your bills. 

The only disadvantage of this application is that their app for iPhone usually updates but does not have some features that an android app does have or sometimes android gets newer features while we iPhone users will be waiting a bit longer to have the same feature.

GCash is a mobile wallet app that lets you immediately send money in real-time, transfer money to 40+ banks instantly, pay bills and fees to more than 40 billers, buy loads, and receive remittances online, including PayPal funds. 

You can also shop without a credit card, extend your budget with credit, open a savings account with no initial deposit, invest money for as low as P50 and help restore Philippines Forest with GCash Forest.

A drawback about this app though, is that convenience store chain 7-Eleven charges a 1% convenience fee for GCash cash-in transactions since May 17, 2021.

GrabPay has stepped up its cashless solutions to help fellow Filipinos get more things done from the comfort of their homes, all with one digital wallet. Some of the things you can do with GrabPay is invest in your GrabPay Wallet, take Grab rides, and spend your points on GrabPay merchants. It is a mobile wallet that you can trust because of its award-winning technology and partnership with trusted e-payment companies.

However, a minor drawback with this app is that money transfers only work for those who already have a Grab account.

Moneygment is a mobile application that provides various financial services such as bill payments, money transfers, tax filing and more. As a non-stop-shop financial solution, this app makes financial transactions convenient for self-employed people, small and medium businesses, OFWs, and Filipinos without bank accounts.

It is easy to use; transactions are smooth and hassle-free, very convenient (since the app allows different kinds of financial transactions), especially for OFWs, and excellent customer service, especially when it comes to Moneygment account upgrade. 

However, many users have commented about its payment processing delays, and it also has an expensive app fee (e.g., PHP 150 per send money transaction, PHP 50 per government payment of OFWs, etc.).

A veteran in the digital payments space, PayPal supports online money transfers and serves as an electronic alternative to traditional paper methods. It operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.

This app is very much secure and helpful for easy transactions of money, and it is also convenient despite the fees. But some of its pitfalls are as follows: 1) there is no direct customer support online, and 2) the dispute is difficult to navigate between the buyer and the seller.

BPI Direct Banko is a product of a merger between two specialized thrift bank units of the Bank of the Philippine Islands: BPI Direct Savings Bank (the Philippines’ first internet bank) and BPI Globe BanKo (the country’s first mobile savings bank).

The app provides easy access to affordable loan products that help fund the operations or grow the business of self-employed microentrepreneurs (SEMEs). According to user reviews though, Android users may experience issues registering an account in the app as it doesn’t seem very compatible with Android devices.

Most people in the Philippines do not have bank accounts or even credit cards, and  Dragonpay is one of the solutions. It allows payment through an online account and a mobile wallet which is beneficial for e-commerce ventures in the country. This application is both merchant and customer-friendly with a fixed-pricing scheme.

One common problem of this application is that the DragonPay credits cannot be used at any stores, probably due to system maintenance.

ML Wallet is M Lhuiller’s official mobile application. It allows users to send money, pay bills, and buy e-load using their smartphones. They can also withdraw up to PHP 40, 000 per day from any of the 2,500 M Lhuiller branches nationwide. This application was designed to serve as the online bridge for Filipinos who do not have access to banks and other financial institutions.

However, the cumulative service fee system is disappointing. It would be better if there is a fixed rate for fees to serve its purpose of making transactions easier and lighter.

For loyal customers of 7-Eleven, this application is beneficial. CLiQQ is 7-Eleven’s mobile app that allows users to manage rewards points, pay bills, and access Wi-Fi. You can earn rewards points whenever you buy at 7-eleven stores nationwide and accumulated points can be used to redeem merchandise items from the rewards catalog.

One of CLiQQ wallet’s advantages is the convenience it offers when there’s a need to settle bills without visiting a branch that usually has queues. It just generates barcodes for your transactions which you need to complete at the 7-Eleven cashier.  

Nevertheless, there’s no prepaid card available for withdrawal, and the points you earn or the funds in your wallet can’t be used to pay bills.

A digital payment method used to purchase products and services from Lazada through electronic transactions, it functions like most mobile wallets, complete with useful features most online shoppers will find useful. All transactions are covered by Lazadas’s Payment Protection.

Lazada Wallet provides seamless shopping on Lazada. You can also access exclusive discounts and save more on your online shopping by availing of exclusive discounts when using your wallet. By using your Lazada wallet for all your purchases, you get to earn special rewards that can come in many forms: discounts, vouchers, promo codes, etc. 

In addition, when you are not satisfied with your purchase, you can easily request for a refund and you’ll get your money back instantly. However, once you’ve cashed in your Lazada wallet, please be reminded that you cannot withdraw the amount anymore.