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Everything You Need to Know About E-Wallets | Edukasyon.ph
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Everything You Need to Know About E-Wallets

From cash to credit cards, there are many different ways for us to pay our bills or purchase items.

But say there’s a storm in your area or a prior commitment you have to deal with on a certain deadline. Surely you’d have a harder time to make it to your designated pay place and pay your deadlines, right?

That’s where an alternative – a little something called an e-wallet – comes in.

What Are E-Wallets?

Electronic wallets, or e-wallets, are cardless, cashless ways for you to pay your bills online. Without a physical currency to use, e-wallets instead rely on cellphones or computers for you to store your prepaid cash, which enables you to pay your bills or even shop online, mainly through GCash and SMART Money.

Thanks to e-wallets, users are able to attend to their transactions faster than if they were to use bank accounts.

E-wallets usually don’t ask for interest from its users, but the companies that handle their systems tend to ask for an extra fee per purchase.

Types of E-Wallets in the Philippines

The Philippines has two types of e-wallets for you to choose from:

GCASH

For Globe users, GCASH can help anyone process their transactions through their cellphones. From here, you can also receive and transfer GCASH funds from one user to another. You can send money, purchase items online, pay your bills, or even loan up for any network in case of emergencies.

To activate your own GCash account, you will have to get your own Globe SIM and register the mobile number that’s connected to your account on the GCash website. Each successful transaction will also be sent to you via SMS notification, and every transaction will also incur a deduction as well.

Using GCash requires paying P50 per month for the service.

SMART Money

SMART users are also able to do the same thing with SMART Money, where people can balance their checks and pay electronically through their phones.

To access your account, you must have a SMART SIM, which will give you  an account number you can use for your online transactions. This e-wallet is also connected to MasterCard, so using this wallet for transactions counts as a credit card payment. Every time you use your account, SMART Money sends you an SMS notification to validate your purchase.

SMART Money users are asked to pay P120 after applying for an account, and an additional charge of P2.50 per online purchase and credit usage will be applied.

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