Unfamiliar With Cashless Transactions? 5 Digital Wallet Applications To Try

Unfamiliar With Cashless Transactions? 5 Digital Wallet Applications To Try
Image from PayMaya / Facebook

There used to be a time when your wallet was one of the things you never left home without because it’s where you keep your money, your credit cards, identification cards, receipts, and what-not. However, since physical in-store transactions are discouraged because of the global pandemic, many people now rely on the use of digital wallets for secure and convenient cashless transactions.

With almost everything being paid online now, registering for a digital wallet account would be practical and beneficial. Aside from the convenience of not having to bring cash with you all the time, you can also keep track of your purchases easily and even get discounts and cashback offers that you don’t usually get from your cash purchases.

If you haven’t used digital wallets yet, here’s a quick introduction for you.

What is a Digital Wallet?

Digital wallets, sometimes called e-wallets, are a “software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology,” says Julia Kagan of investopedia.com.

Digital wallets are applications you can download through a smartphone, although some of them can also be accessed online using your personal desktop or computer.

Digital Wallets vs. Digital Banks

The terms “digital wallet” and “digital bank” are sometimes used interchangeably, but there are actually a few distinctive differences between the two.

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An app for online digital banking allows you to do the traditional banking activities and services like deposits, withdrawal, bills payment, and monitoring your savings account without the need to visit the physical bank.

On the other hand, digital wallets serve as a substitute for your actual wallet. Because these are now widely accepted in many establishments, you can use them to pay for your everyday purchases and other payments. You can transfer money to your digital wallet from your bank accounts and vice versa or fund them at convenience stores and outlets.

Digital wallets to download

1. PayMaya


PayMaya is an all-in-one e-wallet that you can use to send money, make bank transfers, purchase load, and pay bills. Unlike other e-wallets, however, PayMaya also makes other transactions possible since it also comes with a virtual and physical prepaid card powered by Visa or Mastercard.

The PayMaya app is also generous when it comes to promos, discounts and rebates especially when used on a regular basis. Download the app and upgrade your account to fully enjoy these benefits.

Maintaining balance: at least Php100 to get your virtual card activated

Wallet size limit: Php 50,000 for regular accounts and Php 100,000 for fully upgraded accounts

Transfer fee: 1.5% for Smart Money or Smart Padala and Php 10 for bank transfers

 

2. GCash


Like PayMaya, GCash can also cover all of your basic transactions such as sending and receiving money instantly, paying bills, making bank transfers, and purchasing load. You also have the option to shop internationally through the GCash American Express virtual pay function. GCash users can also start a small online investment for as low as Php 50. Upgrade and verify your account to access all of the GCash services.

Maintaining balance: None

Wallet size limit: Php 50,000 for basic accounts and Php 100,000 for verified accounts

Transfer fee: Php 15 for bank transfers

 

3. Coins.ph


If you’ve been curious about bitcoins, Coins.ph is the best application to try it. Through the Coins wallet, you can sell, buy and store cryptocurrencies that you can easily convert from bitcoins to Philippine peso and vice versa. It also allows its users to buy load and game credits, pay bills, and send and remit money.

Maintaining balance: None

Wallet size limit: Php 50,000 for Level 1 (email or phone verified), Php 100,000 for Level 2 (ID and selfie verified), Php 400,000 for Level 3 (address verified), and up to Php 5,000,000 for Level 4 custom verified

Transfer fee: Php 10 to Php 20 for bank transfers

 

4. PayPal


PayPal is a commonly used digital wallet among Pinoy freelancers who are working with foreign clients, since it allows multi-currency transfers in more than 200 countries. Without the need to reveal sensitive credit card information, PayPal users can send and receive money in an instant. You can also use this app to purchase products from local and international merchants online.

Maintaining balance: None

Wallet size limit: No limit for fully verified accounts

Transfer fee: 3.9% plus Php 15 for domestic payments and 4.4% plus $0.30 for international transfers.

 

5. Moneygment


Moneygment helps you manage your budget and payables and lets you pay your PhilHealth, SSS and Pag-IBIG contributions easily. With this app, you can also calculate your taxes, pay for your insurance or investments, and apply for a loan too!

Maintaining balance: None

Wallet size limit: Php 100,000

Transfer fee: starts at Php 25 for government payments and Php 150 for the send money feature

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