Digital wallet usage has become so deeply embedded in daily life that it’s hard to imagine a time without it. It is expected that in 2025, the Philippines will surpass 80 million registered e-wallet accounts, reflecting a threefold increase within five years.
In fact, the Philippines came in second (87%), just behind Indonesia (92%), in e-wallet usage among Southeast Asian countries, respectively, using the payment method, especially QR payments and mobile payment apps, according to the 2024 Visa Consumer Payment Attitudes Study.
Not only that, e-wallets were the most used online financial service among Filipinos that year, surpassing even digital banking and online lending platforms. The total market value of e-wallets in the Philippines is also projected to rise, reaching USD $4.42 billion by 2025 and USD $6.20 billion by 2029, growing at a CAGR of 8.8%.
That’s not just growth but rather a financial revolution unfolding in real time.
How the E-Wallet Landscape in the Philippines is Evolving
A big part of this change is tied to accessibility. As of early 2024, over 70% of Filipinos use smartphones, and there were 142 million mobile connections, equivalent to 122% of the population, reflecting widespread multi-SIM usage.
Internet penetration stands at 83.8%, making mobile-based finance widely feasible across the country. Gen Z and millennial users are leading the way, drawn by the convenience and versatility of digital wallets.
Combine that with an e-commerce market set to reach USD $4.3 trillion by 2025, and it’s clear why e-wallet adoption has exploded. Government initiatives like QR Ph and the National Retail Payment System (NRPS) have also helped create the infrastructure and regulatory support needed to fuel this digital shift.
The share of digital retail payments rose from 10% in 2018 to 52.8% in 2023, marking a true shift in consumer behaviour. People are embracing the speed, security, and flexibility of cashless payments. And while digital wallets were initially more popular in urban areas, we’re now seeing real momentum even in more remote communities.
Of course, there are still hurdles. Financial literacy remains a challenge, as many Filipinos are unsure how to fully utilise digital finance tools. Cybersecurity is another concern, with phishing and fraud cases rising.
And in places where internet access is unreliable or smartphone use is limited, digital finance remains out of reach. Yet, despite these issues, leading platforms are finding ways to innovate and include more people in the digital economy.
Last Updated: 13 June 2025
A Snapshot of the Top E-Wallets in the Philippines
Here’s a closer look at the five standout e-wallets shaping how Filipinos pay, save, and thrive in the digital economy today.
GCash
GCash continues to lead the e-wallet market with over 60 million users as of early 2023. Operated by Mynt (a joint venture between Globe Telecom, Ayala Corporation, and Ant Group), GCash has evolved into more than just a payment app. It now offers everything from mobile load and bill payments to investment products and microloans.
GCash users can access GSave (a savings account), GCredit (a microloan feature), and GInvest (which lets users invest in mutual funds).
These features are all part of GCash’s mission to make formal financial services accessible to every Filipino, regardless of income or location. Its wide merchant acceptance, including sari-sari stores and tricycle drivers, makes it ubiquitous in daily Filipino life.
There are even talks of a potential IPO, which would mark a major milestone for the platform.
Maya
Previously known as PayMaya, Maya has transformed from a mobile wallet into a full-fledged digital bank. It now offers savings accounts with competitive interest rates, credit lines, cryptocurrency trading, and tools for small businesses.
As of 2023, Maya reported over one million bank customers and continued to expand its merchant network.
The platform’s biggest draw is its all-in-one banking capability. With up to 6% annual interest on savings and personalised credit options, Maya appeals to users looking for more than just a wallet. Its bank license gives it an edge over competitors when it comes to offering regulated services.
Maya is also aggressively targeting small and medium enterprises (SMEs), providing them with QR payment solutions, invoice tools, and access to financial services that were traditionally out of reach.
GrabPay
As part of the broader Grab super-app ecosystem, GrabPay is deeply embedded into everyday routines. It’s the go-to wallet for people booking rides, ordering food, or shopping within the Grab platform.
While it doesn’t yet offer the breadth of financial tools that GCash or Maya provide, its integration with essential daily services gives it strong user retention.
GrabPay is also expanding its financial offerings through Grab Financial Group, which provides microloans and insurance to users and driver-partners. These services use behavioural and transaction data to assess creditworthiness, opening doors for many who lack traditional credit histories.
For millions of Filipinos already using Grab, the convenience of GrabPay makes it a logical and increasingly valuable part of their digital wallet collection.
ShopeePay
ShopeePay is tightly integrated into Shopee’s massive e-commerce platform. While it doesn’t offer savings or investment products, it dominates when it comes to offering deals, cashback, and convenience during online shopping.
In 2023, ShopeePay saw a sharp rise in offline QR transactions, thanks to promotions and merchant expansion. It also added bill payments and mobile top-ups to its suite of services. For many users, the ability to earn vouchers or cashback when checking out makes ShopeePay a go-to option.
Though it may not have the same financial depth as other platforms, ShopeePay’s role in simplifying and enriching the online shopping experience has made it a major player in the market.
Coins.ph
Coins.ph carved out a unique space as the country’s leading crypto-friendly wallet. It allows users to buy, sell, and store various cryptocurrencies, alongside traditional e-wallet services like remittances, bill payments, and mobile top-ups.
Licensed by the BSP as a Virtual Currency Exchange, Coins.ph is especially popular among overseas Filipino workers and freelancers who want low-cost, fast remittances. With more than 16 million users, it remains one of the most recognisable brands in the crypto space locally.
The platform was acquired by the Gokongwei Group in 2022 and has since renewed its focus on crypto trading and Web3 features.
For users looking to explore digital assets without leaving the comfort of a familiar wallet, Coins.ph offers a compelling bridge between traditional and decentralised finance.
How to Pick the Top E-Wallets in the Philippines for Your Needs
With so many digital wallets available, choosing the right one comes down to your lifestyle and financial habits. While no single e-wallet is perfect for every situation, understanding what each one offers makes it easier to mix and match the platforms that suit you best. Here’s a quick guide based on what matters most:
1. Daily Usage
If you’re looking for an all-around wallet you can use every day—whether for paying bills, topping up mobile load, or sending money, then GCash is hard to beat.
It’s accepted nearly everywhere, from major retailers to local tricycle drivers, and has the most extensive ecosystem of services, including savings, loans, and investments.
GrabPay is also great for everyday needs if you frequently use the Grab app for rides, food, or shopping.
2. Reward Maximisation
If scoring deals, cashback, and vouchers is your thing, ShopeePay and GrabPay are ideal.
ShopeePay offers consistent shopping discounts, especially during sale events like 9.9 and 11.11, and also enables QR code payments and mobile top-ups.
GrabPay rewards users with loyalty points and special promos for in-app services, making it a favourite for deal hunters.
3. Security & Ecosystem
For those prioritising safety, reliability, and access to full-fledged financial services, Maya stands out. As a BSP-licensed digital bank, it offers secure savings accounts (with interest up to 6%), credit options, and even crypto trading.
GCash also provides robust financial tools and is backed by well-established corporations, lending it credibility and regulatory strength.
4. Cross-Border Use
If you need to manage crypto or send/receive money from abroad, Coins.ph is your best bet. It’s one of the few e-wallets in the country licensed to offer cryptocurrency services and has become especially popular with freelancers and OFWs for fast, low-cost international transactions.
Ultimately, most Filipinos end up using two or more e-wallets to make the most of what each one offers. Whether that’s rewards, bank-like features, or niche services like crypto. There’s no need to choose just one.
Think of it as assembling your own digital finance toolkit, tailored to how you live, shop, and save.
From Wallets to Wealth
The e-wallet sector in the Philippines shows no signs of slowing.
Platforms are expanding their product suites to include insurance, investments, and lending, often tailored to the needs of underserved populations.
There’s also a major push towards rural and provincial inclusion. With sari-sari stores, telco agents, and barangay partnerships acting as on-the-ground access points, e-wallet providers are reaching communities where banks have never gone. BSP’s push for 90% financial access nationwide is helping to drive these initiatives forward.
Yet obstacles persist.
Millions of Filipinos remain unbanked or underbanked, and a lack of digital literacy keeps many from fully utilising these tools. Cybersecurity concerns, particularly phishing scams, are increasingly common. And access inequality, especially in regions like Mindanao and Visayas, continues to be a challenge.
Bridging these divides will require more than just technology.
It calls for cooperation across sectors: fintech companies, regulators, educators, and grassroots groups must work together to ensure that progress reaches every corner of the archipelago.
And as they continue to evolve, the question in the Philippines is no longer whether e-wallets will replace cash. It’s how they’ll help more Filipinos build secure, connected, and prosperous lives in a digital world.
FAQs
1. Can I use more than one e-wallet at a time in the Philippines?
Yes, absolutely. In fact, many Filipinos use two or more e-wallets to make the most of different features. For example, someone might use GCash for daily bill payments and money transfers, while turning to ShopeePay for shopping discounts or Coins.ph for crypto transactions.
Using multiple wallets allows users to take advantage of each platform’s strengths, from financial services to rewards and promos.
2. Are e-wallets safe to use in the Philippines?
Generally, yes. Especially the major players like GCash, Maya, GrabPay, ShopeePay, and Coins.ph, which are regulated by the Bangko Sentral ng Pilipinas (BSP).
These platforms follow security protocols like multi-factor authentication, real-time fraud detection, and QR-based transactions. However, users still need to stay vigilant against phishing and scams, which remain common threats.
Practising digital safety, like never sharing OTPs and being wary of suspicious links, is key to staying secure.
3. Can tourists use the Philippines’ e-wallets?
It depends on the e-wallet. While most platforms are designed for residents with local mobile numbers and IDs, some, like GrabPay, can be accessed via the broader Grab app if tourists already have it installed.
However, services like GCash and Maya typically require local SIM cards and identity verification, making them harder for short-term visitors to use.
That said, some providers are exploring ways to make onboarding more inclusive, including for tourists and foreign nationals.
Featured image: Edited by Fintech News Philippines, based on image by thanyakij-12 via Freepik.
