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GCash Vs Paymaya: Choosing The Right e-Wallet App

In the mobile wallet market of the Philippines, GCash and PayMaya are the biggest rivals. With these e-Wallet apps, Filipinos, especially those who don’t have a bank account and a credit card can make cashless transactions. If you are a new user and still debating the question GCash vs Paymaya, we are here to help.

GCash Paymaya comparison

GCash vs Paymaya: Mobile App Ranking & Usage

In terms of ranking, GCash is at the number one spot on the Apple App Store while PayMaya ranks number two. Meanwhile, the gap between the two apps is bigger on the Google Play Store with GCash taking the top place and PayMaya in the fourth position.

For usage, as of 2020, the number of users of PayMaya has reached 28 million while the figure is 33 million for GCash.

Account Registration

Both e-Wallets accept subscribers using any mobile network, from Smart, Globe, Sun to TNT or TM. For example, if you are a subscriber of Globe, you can still use your Globe number to create a PayMaya account. It is the same for subscribers of Smart who want to download and install GCash.

With GCash, there are more options in terms of creating an account. Users can sign up through the GCash app, Messenger app, and *143# menu. However, for PayMaya, registration can only be done via its mobile app.

There are some users who complain about the verification process of GCash being inconvenient. Sometimes, it could take over a week for verification through Messenger to be completed. Some complain that they need to visit a Globe Store or a GCash partner outlet to get fully verified.

On the other hand, the experience on PayMaya is smoother, from signing up for a new account to upgrading it and receiving a physical prepaid card. The process is done on the app, which is more convenient. If you haven’t had a GCash account, here is how to register for GCash.

GCash vs Paymaya: Features

When debating which mobile wallet app a user should choose, an important factor is which app has more to offers in terms of financial services. The more features an app has, the more useful it is.

GCash vs Paymaya mobile app features
Mobile app features.

Both GCash and PayMaya have a wide collection of financial transactions that can be performed, from money transfer, cashless shopping to bills payment. Customers can also buy airline tickets, movie tickets, and games with just a few taps.

At the moment, compared to the PayMaya app, the GCash app offers more functionalities. There are new GCach features recently rolled out:

  • Borrow load: prepaid subscribers using any network can borrow load and then pay it back with their GCash balance.
  • Cashback for every load purchase: For every load that is sent using the GCash app, users can get a cashback of 5% to 10%.
  • GCredit: A revolving mobile credit line that can be used to pay for services and goods at merchants accepting GCash QR, selected e-commerce merchants, or for bills in the GCash app.
  • Invest money: User can invest for as low as P50 without needing to have a bank account.

The only feature that PayMaya has but GCash doesn’t is the PayMaya Treats with which a user can buy e-vouchers from merchants like Grab, Lazada, and Jollibee and send them to their loved ones as gifts or treats.

However, with PayMaya, users can get more cashback for QR payments. There is also an app dedicated to merchants, allowing them to get a QR code and a receiving account quickly to receive money from customers.

Convenience

It is easier to log into a GCash account as it only requires a mobile PIN with four digits. Meanwhile, with PayMaya, users need to set a password with six alphanumeric characters. When paying, this can become quite inconvenient. However, the more complicated password means more secured account security.

GCash vs PayMaya convenience
It is easier to log into a GCash account as it only requires a mobile PIN with four digits.

If a faster transaction is what you want, GCash is a better option. But if security is what you care about, use PayMaya. For those using iPhone and iPad, they can use Touch ID or FaceID to log into their PayMaya account.

Both app have partnered with Facebook, allowing their users to make transactions on Messenger.

On Messenger, PayMaya users can do more things than GCash. Users of GCash can only send money, pay via QR code, and buy prepaid load. However, PayMaya users can send money, check their account balance, pay bills, purchase loads, encash funds through Smart Padala, and find the closest cash-in partner.

GCash vs Paymaya: Cash-in fees

If you link your GCash account with BPI and UnionBank account, there is no fee when adding money. It is the same with PayMaya but only for BPI accounts only.

With GCash, there is no minimum amount of money for transferring. But PayMaya requires a base amount of P500.

GCash vs PayMaya cash-in fees
With GCash, there is no minimum amount of money for transferring.

If you add money through PayPal to your GCash amount, you don’t have to pay any fee. But for PayMaya, for a transaction below P7,000, you have to pay P50 as a service charge.

With GCash, there is a monthly threshold of P8,000 when you add money to your account via its network partners. You will be charged 2% if you exceed the threshold.

Meanwhile, PayMaya charges users 1.5% via Smart Padala or Smart Money regardless of the amount of money.

Another option is adding money with your credit card. At the moment, PayMaya is the only e-wallet offering with this with a P30 service charge.

Cash-out fees

Next in the review is the cash-out fee. With network partners, GCash charges a service charge of 2% for cash-out.

For ATM withdrawals, you have to pay a service charge of P20. On the other hand, for Bancnet ATM withdrawals, PayMaya has a service charge of P15.

GCash vs PayMaya cash-out fees
For Bancnet ATM withdrawals, PayMaya has a service charge of P15.

Bills payment

For fixed fees, GCash has service fees ranging from P0 to P60. But for percentage-based fees, the service charge is 2%.

Card purchase

If you want to get a prepaid debit card, the fee for a VISA card on PayMaya is P200, more expensive than the P150 fee of GCash mastercard.

So what is better GCash or PayMaya?

For cash-ins, you have to pay a higher service charge with GCash than with PayMaya if the amount of money is more than P8,000. However, if the amount is less than P8,000, GCash is a better option as there is no charge while PayMaya has a service charge of 1.5% for all amount.

For ATM withdrawals, PayMaya is the better one with a P15 transaction fee compared to the P20 fee of GCash.

For cash-in via PayPal, GCash is better as you don’t have to pay any transfer fees.

In terms of overall functionality, GCash have more features. You can even save money via its GSave account.

But since both apps are free, what about signing up for both to find out the answer to the question GCash vs PayMaya for yourself. For more articles like this, check out Techiestuffph.com.

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