GCash is the preferred mobile wallet by Filipinos for cashless transfers

E-wallet segment seen to continue expanding

GCash is the top mobile wallet used by Filipinos for cashless transactions, comprising 4.9 million out of the overall 6.4 million mobile wallet remitters in the country, according to a 2019 study conducted by The Nielsen Company.

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. 

5 ways you can protect your online banking details

Digitalization has certainly helped many young adults to manage their finances to keep pace with the demands of their active and busy lifestyles. From enjoying cashless transactions, to conveniently booking movie tickets and paying necessary bills, most of the millennials’ activities can now be done with just one click or tap on their smartphones.

As most banks now offer online banking, many Filipinos can experience transacting on-the-go or at the comfort of their homes. Unlike traditional banking, going online also provides you with an easier way to save and track where you are spending your money.