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4 top e-wallets by FinTechs making transactions easy for Filipinos

By Edil Corneille

October 28, 2020

  • Grabpay
  • Paymaya
  • Philippines

mobile wallet, e-wallet, digital, GrabPay, PayMaya, TrueMoney, GCash, COVID-19, Individuals have been using e-wallets way before the outbreak of COVID-19. However, the pandemic has accelerated the usage of digital methods for making payments and the increased digital adoption for transacting is here to say even after the pandemic subsides and is over.

The electronic wallets are accessible to people in the form of a mobile application or a website. Financial transactions can be carried out through the customer’s mobile phone which makes it more convenient than using cash in physical form.

The rise of smartphones and internet usage have led to e-wallets being more accessible for the customer. Perhaps customers are more likely to forget their wallets, where they store the physical form of money, at home, than their mobile phones.

Generally, most e-wallet providers safeguard the details of their users with security measures such as One-Time PINs (OTPs), passwords, and other authentication ways. Below is the list of the 4 top e-wallet providers in the Philippines that are facilitating the use of cashless and contactless payments.


This mobile wallet enables the usage of cashless payments for Grab services and other services within the Grab app. The wallet makes it payments for rides, food deliveries, in-store purchases and online shopping, convenient and hassle-free. GrabRewards points can be earned with Grab rides, GrabFood orders, and GrabExpress deliveries.

GrabPay is regulated by the Banko Sentral ng Pilipinas, the country’s central bank. Consumers’ personal information and payment transactions are encrypted and protected with a 24/7 fraud detection engine. Mobile technology company Grab is based in Singapore and connects millions of consumers to millions of drivers, merchants, and businesses in Southeast Asia.

Today, Grab announced its Cash-in with Driver feature allowing Filipinos to pay cash for GrabCar services and receive their change credited in their GrabPay wallets. Through this feature, Grab is able to help ease and accelerate cashless payment adoption in the Philippines.


The PayMaya app can be used to scan a merchant’s QR code to instantly acquire their account details and payments can be sent directly to their PayMaya wallet. Payments can be made with the digital currency from e-wallets. This experience is faster and more efficient than pulling out physical wallets from the pockets or bags.

E-wallets like PayMaya have become one of the most popular bills payment methods for Filipinos. They have been around for more than a decade but only recently gained ground in the Philippines, which can be attributed to increased internet penetration and the accessibility of smartphones.

Through the help of PayMaya Pay Bills function and similar features on other e-wallets, customers can pay their bills in a few taps. Depending on the biller, the payment will be reflected instantaneously or within a few business days. Reminders can be set so that due dates are not forgotten. Customers can choose a schedule so that payments get debited automatically.

TrueMoney Account

This reloadable electronic wallet can be redeemed at the indicated value. It is not a depository account, and thus is not covered by the Philippine Deposit Insurance Corporation (PDIC) and does not earn interest. However, as a financial transaction, it is subject to the rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Act (AMLA).

The Thai-based financial company keeps growing in 2020 with more customers demanding an updated English version of the e-wallet. An updated TrueMoney English review on the mobile-based Asian epayment provider has been brought.

The e-wallet is currently controlled by Ascend Money which is part of a conglomerate in Southeast Asia called Ascend Group. While Thailand was its starting point, TrueMoney expanded to the Philippines, Cambodia, Indonesia, Vietnam, and Myanmar. Currently, the app supports deposits from 16 Asian banks, some offering the possibility to top-up via e-banking services.


Customers can create an account with this Filipino e-wallet which is said to be available for all networks. The digital wallet or virtual wallet enables customers to store money digitally. The e-wallet provides many different ways to transact such as paying bills or buying things online.

GCash is backed by big names in the industry such as Globe Telecom and Ant Group. It allows customers to Buy Load, Send Money, and scan to pay with GCash QR among other financial services that are offered.

GCash is operated by Mynt and is a partnership between Ayala Globe and Ant Group. It is a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfers. As of 2019, it has reported having 20 million subscribers and 63,000 merchant partners across the country that allow cashless transactions.

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