More and more Filipinos are starting to realize the importance and ease of use for E-Wallets and leading the pack in this segment in the Philippines is GCash from Mynt.
According to the study done by The Nielsen Company, 4.9 Million people use GCash out of 6.4 Million mobile wallet users in the country. That is by far over 70% of the total market.
Cashless transfers are defined as the use of any device or tool to send and receive money online, including bank transfers. Filipinos utilizing cashless transactions now comprise 19 percent or 9.3 million out of an estimated total 49 million who do money transfers.
“There are 39.7 million who are still into exclusive cash-to-cash transfer and who have not tried a cashless solution. There are 2.9 million non-mobile wallet cashless remitters as well. These present a lot of potential for mobile wallets to expand and capture large, untapped segments,” said Mynt president and chief executive Anthony Thomas.
According to the study, majority of the transactions was for sending allowance for children and family members .
GCash wallets can easily be topped up or cash in with debit card and linked bank accounts as well as offline at 7-Eleven, MLhuillier and many other establishments. Why is the service being used by a lot of Filipinos? Because it charges low or no service fees for digital transactions.
And to top it off, GCash also provides customer protection for unauthorized transaction of upto 100,000 php
