In 2022, GCash was the leading mobile wallet application in the Philippines based on monthly active users. That year, the mobile wallet app had roughly 40.52 million monthly active users. Meanwhile, its closest competitor, Maya, had 8.17 million monthly active users.

The Philippines is among the countries in Southeast Asia seeing sustained growth in mobile payment transactions. In 2023, GCash accounted for 89 percent of the total mobile wallet application market. Meanwhile, its closest competitor, Maya, held a five percent share. The rise of mobile wallets in the Philippines Alternative payment services have given Filipinos access to financial services usually provided only by banks. In particular, most Filipinos with a formal account in 2021 said they have an e-money account, compared to those with a bank account. E-money, which is stored in a digital wallet or on a card, enables users to easily make in-store payments as well as transfer and receive money online. In the Philippines, GCash had the highest monthly active users in 2022, followed by Maya. The popularity of such banking options is reflected in the forecast number of mobile wallet users in the country. Consumer preference for e-payment methods  A 2022 survey among Filipino consumers reflected a growing interest in using digital payment methods, especially due to its convenience, easy-to-use platforms, and fast transactions. The same survey revealed that GCash and PayPal were the leading e-payments or e-wallets used in the Philippines.

The mobile wallet company GCash registered about 86 million users in 2023, indicating a significant increase from the previous year. GCash, which is owned by Mynt and is a subsidiary of Globe Telecom Inc., has been the market leader for financial technology in the Philippines, alongside Maya.

The digital payments segment in the Philippines was estimated to have generated around 37.65 billion U.S. dollars of revenue in 2023, which indicated an increase from the previous year. The digital payment market was estimated to continue growing in the next years. Drivers of digital payment market growth Digital commerce or e-commerce has been the main driver of the growth of the digital payment market in the Philippines. While cash used to dominate over other payment methods used in online shopping, the volume share of digital payments in the total monthly retail payments made in the Philippines jumped by 280 percent between 2019 and 2023. In fact, digital payments held a higher share of the volume of retail transactions in 2023 alone. The rise of mobile wallets  According to a PPRO report, mobile wallets have taken the lead among other payment methods used in online shopping in the Philippines in 2023. Among the several mobile wallet applications available in the country, GCash had the highest number of monthly active users in 2022, followed by Maya. GCash is an all-in-one application developed by Mynt, which is a subsidiary of Globe Telecom. Aside from allowing users to send and receive money, GCash also started offering investment products and insurance services not only in the Philippines but also in several locations abroad.

According to the Financial Inclusion Survey in 2021, around 56 percent of the adult population in the Philippines has an account with a financial provider. This was a significant increase from the share in 2019. What’s driving the increase in formal account ownership in the Philippines?  The recent increase in the share of Filipinos with a formal account with a financial provider was driven by e-money accounts. From just eight percent of the population in 2019, the share of e-money account holders in the Philippines overtook those with a bank account in 2021. GCash was the leading mobile wallet application in the Philippines based on monthly active users in 2022, followed by Maya. Attitude towards digital banks  According to a survey in 2023, Filipinos still prefer their main bank account to be a traditional bank over a digital bank.  However, among those who chose digital banks, they identified ease and convenience as the main reasons. In addition, 41 percent of respondents said they chose digital banks because they were able to bank at any time of the day at their convenience.