Over the years, e-wallets have increasingly become the go-to option of Filipino shoppers when paying not only for their online transactions, but for in-store purchases as well. More people nowadays just scan a QR code by the cashier or open their digital e-wallet app to pay instead of taking out their wallets for cash.
E-wallet adoption is only projected to increase from here on out. In fact, data gathering platform Statista forecasts that mobile wallet users in a country like the Philippines will reach a population of up to 75 million by 2025.
Not everyone’s sold just yet on the convenience and advantages of using an e-wallet, however. Perhaps you’re among them and still wondering how exactly it can be better than just paying with cash. To illustrate, here are some benefits you can get from e-wallets to convince you to use them more often in your day-to-day transactions:
1) Convenient to Use
Convenience is one of the top reasons people prefer using e-wallets. If you have an e-wallet, then you won’t need to worry about always carrying enough cash with you as you can opt to pay via the app. This means if you happen to be window-shopping and decide to buy an item, you can just use your e-wallet to pay instead of looking for an ATM to withdraw cash from.
Checking out with an e-wallet is surprisingly easy, and your payment will be reflected instantly. Since you won’t have to count your cash or wait for change, you can also complete your transactions much faster.
Splitting the bill with friends will also be much more convenient with e-wallets. Perhaps you went dining out with friends and you all agreed to split the bill. With an e-wallet like that of Maya, for instance, you can cover the bill first, then use Maya’s Request Money option to generate a QR code that your friends can just scan to pay their share to you.
2) Ability to Track All Your Transactions
Another advantage of using e-wallets is the ability to track all your transactions. Instead of having to go through all your receipts to tally how much you’ve spent during a certain period, you can simply open your e-wallet app and scroll through your transaction history. This then makes it easier to budget as you can accurately note all your expenses. Having your transaction history right at your fingertips also lets you spot areas where you should cut back if you’re starting to go over budget.
3) Enhanced Security Over Your Funds
People who aren’t familiar with e-wallets often cite security as one of the main reasons they’re wary about using one. They’ll worry that their funds may be snatched out of their e-wallets by cyber criminals, for example.
However, e-wallets are actually known for having well-rounded security features that aim to protect their users on all fronts. To access your e-wallet, you’ll be asked to enter a password each time. You can even set up biometric authentication for added protection. Meanwhile, each transaction also requires a one-time password (OTP) from your e-wallet provider to verify that it really is you who is making the purchase.
Moreover, e-wallets use encryption methods to ensure that your sensitive financial information is protected in every transaction. In truth, protecting yourself from fraud is also much easier with e-wallets. If you happen to notice any suspicious activity on your transaction history, then you can contact customer support and dispute the charge.
4) Earn Rewards and Cashback
One of the best things about using an e-wallet for your transactions is that you get to enjoy various rewards or even cashback opportunities that come with the app. These include referral rewards that let you earn additional cash, exclusive deals from establishments such as dining or clothing stores if you use the e-wallet to pay, discount vouchers that you can earn if you use the e-wallet regularly, and cashback if you happen to spend a minimum amount.
For example, Maya has a Missions section on its app that users can accomplish to obtain various rewards, ranging from interest boosts to their Maya Savings accounts to redeemable vouchers. These rewards will surely allow you to save money in the long run, especially if you’re earning those rewards through your regular expenses.
5) Reduce Physical Clutter
With an e-wallet, you won’t have to carry multiple cards or as much cash in your wallet. Your transactions also come with digital receipts, which means that you’ll be able to check the details of your purchase even if some time has passed already. That eliminates your need to dig through dozens of old paper receipts just to find the one that you need. Your reliance on digital receipts will also go a long way towards observing a greener or more sustainable lifestyle, which in turn benefits the planet. Reduce physical clutter in your wallet and elsewhere, and let your e-wallet handle your purchases instead.
6) Widely Accessible
Lastly, e-wallets are also widely accessible, making them easy to use at a moment’s notice. According to the Bangko Sentral ng Pilipinas’s 2023 Status of Digital Payments in the Philippines report, upwards of 393.6 million e-wallet accounts exist in the country, and e-money transaction volume grew to 10.6 billion from 7.6 billion the previous year. You’ll be able to make e-wallet transfers with many of your closest contacts, as well as with your favorite businesses or stores.
You can even link your bank accounts to your e-wallet and simply add funds whenever you need to. Say goodbye to the hassle of lining up at an ATM to withdraw cash. In addition, e-wallets let you manage your finances quite breezily regardless of location. Even if you’re traveling abroad or somewhere remote, you can still send money, make purchases, move your funds, review your account statement, and more, so long as you’re connected to the internet.
Thanks to e-wallets, taking control of your finances has never been easier. The examples in this list illustrate just a few of the benefits you can get from using an e-wallet like Maya. Who knows—you may even discover more perks and advantages as you use your e-wallet more for your future transactions.
