With the rise of digital payment solutions, Filipinos are now turning to more innovative platforms to manage their finances. Two of the most popular and trusted options are Paymaya and GCash – both offer fast, secure online transactions while also giving consumers access to services such as bill payments and funds transfers. But which platform is better: Paymaya or GCash? In this blog post, we’ll explore each platform in depth and examine their features side-by-side so you can make an informed decision about which one is right for you. Read on to discover what makes Paymaya vs. GCash stand out from the competition!
When Paymaya came out in 2007, Filipinos were first treated to the world of e-wallets and super apps. By the time GCash started in 2012, Filipinos were already thoroughly exposed to the lifestyle of cashless and online financial platforms. At present, both these mobile e-wallet apps have enabled millions of Filipinos to make cashless transactions without the need for bank accounts or credit cards. This has also opened a sort of Paymaya vs GCash discussion among users, and the question is often asked, which is better, GCash or Paymaya?
Whether you have used either GCash or Paymaya, or are planning to use a digital wallet soon, it may be good to have a Paymaya vs GCash comparison review here to weigh the features of each digital wallet app and see which comes out on top. But, as we always say in our past comparison reviews, the final choice will depend on the users and their lifestyles and needs.
Ranking of Usage (On Top: GCash)
In this information age, it’s so easy to search for statistics. So, when people talk about Paymaya vs GCash, in terms of usage ranking, which digital wallet app is more popular and has more users?
Possibly because of the pandemic, the number of registered GCash users grew to over 33 million by the end of 2020. This is 65% higher compared to 20 million users at the end of 2019. In the meantime, Paymaya had 28 million users by the end of 2020. As of April 2021, according to data from SimilarWeb, for Android finance apps, GCash ranks number one in the Philippines while Paymaya is number ten. From the Apple App Store, GCash ranks at the top while Paymaya ranks third.
Security (On Top: Both)
In the GCash vs Paymaya question, users want to know which is safer, because, after all, their money is at stake here. Being digital financial wallets, Paymaya and GCash is regulated by the Bangko Sentral ng Pilipinas and bound by strict agreements to ensure secure transactions for all client users. Both apps are expected to use the latest protection technology to protect all users, billers, and merchants.
Both carry strict log-in protocols to ensure only registered and verified users can access their accounts. For personalized security, both apps have adopted a biometric login feature. This feature requires users to use fingerprints as a login credential. However, only GCash has a Face ID log-in feature. Both apps also have two-factor authentication to make sure that the person logging in is the actual user accessing the account.
For their physical cards, both use an EMV chip to ensure their cards are more secure than traditional finance cards. Traditional cards are notorious for having unchanging data that is easily replicated by fraudsters. Each time an EMV card is used for transactions, it creates a unique transaction code that cannot be reused.
Account Registration (On Top: Both)
Both Paymaya and GCash apps can accept subscribers from any mobile network – be it Globe, Smart, and their affiliates – including the new mobile networks coming out in the market. So whatever mobile network you are using, you can use either or both digital wallet apps. GCash can be downloaded from the Google Play Android Store or Apple App Store. Once downloaded, you can sign up for an account and register through its *143#menu, Messenger app, or even from the website. To register for a Paymaya account, this can be done through its mobile app.
Both apps are seamless and convenient for accessing verifications, features, upgrading, and getting a physical card.
Wallet App Features (On Top: GCash)
In the choice of Paymaya vs GCash, users need to consider which app offers features for financial services they truly need. Of course, the more features for wider financial transactions, the better and more useful the app is. Based on the comparison below, GCash has a slight edge over Paymaya.
Convenience (On Top: Paymaya)
Based on the comparison below, Paymaya is slightly on top.
- Opening a GCash account only requires a four-digit mobile PIN (faster transactions).
- Allows users to perform transactions using Facebook Messenger as long as the account is connected. This feature is limited in GCash to only send money, buy prepaid load, and pay using a QR code.
- Opening a Paymaya account requires a six alphanumeric character password (better security). iPhone or iPad users can access Paymaya accounts using Touch ID, fingerprint identity sensor, or Face ID for IOS.
- Allows users to perform transactions using Facebook Messenger as long as the account is connected. Users can check their account balance, send money, purchase load, pay bills, check the nearest cash-in partner, and encash funds using Smart Padala.
Cash In and Cash Out Flexibility (On Top: GCash)
Funding a mobile digital wallet or withdrawing cash from it is an important feature for users. Based on the comparison below, GCash has a large advantage over Paymaya.
- Smart Padala
- Any BancNet ATM in the Philippines or Visa Plus ATM abroad
- Instapay-participating banks
- Family Mart
- Bayad Center
- Express Pay
- GCash outlets
- Globe Store
- True Money
- Pera Hub
- Palawan Pawnshop
- Tambunting Pawnshop
- Villarica Pawnshop
- Jaro Pawnshop
- Robinsons Department Store
- SM Department Store
- Any BancNet or Mastercard ATM in the Philippines
- Instapay-participating banks
Bills Payment (On Top: GCash)
Paymaya has more than 90 billers in its bill payment feature which includes electrical, telephone, cable companies, banks, government agencies, healthcare, insurance, and even non-profit organizations. Unfortunately, the majority of these are based in Luzon, such as Meralco, Manila Water, and MMDA fees and penalties. National billers include DFA passport processing, Pag-Ibig contributions and housing loan amortizations, Home Credit payments, and Smart and Globe postpaid.
GCash covers more than 400 billers nationwide that include utilities, insurance, government fees and dues, home loans, and even school tuition.
So, which is better, Paymaya benefits or GCash benefits?
As we mentioned earlier, the user’s choice of digital wallet app will mostly depend on what functionalities, services, and other conveniences are better for the user’s lifestyle. Although it is clear that GCash is the superior wallet app, the merits of Paymaya cannot be dismissed. It may be a good idea to try out both and see which one works best for you.
All things considered, it is clear that Paymaya and GCash are both robust and reliable payment solutions for Filipinos. Depending on what features you value most, either platform could be the right choice for you. With its vast array of services and tools, Paymaya offers more options than GCash – including flexible payments options and extras geared toward online shoppers. Meanwhile, GCash has a simpler interface which makes it easier for first-time users to navigate and understand. Ultimately, both platforms can get the job done but by exploring their features side-by-side, you’ll be able to decide which one works better for your needs. When it comes to online payments – whether it’s ordering food or sending money abroad – Paymaya vs. GCash provides a myriad of options that can help make life much more convenient!