Don’t have cash on you? Here’s what you need to know about digital payments in Cebu.
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In today’s technologically driven society, digital payments are the norm.
A review from Orebro University elaborated that modern day transactions are constantly shifting from coins and paper to now being more electronic-based. (2022)
This offers a more convenient and cost-effective process for businesses, while giving customers a flexible and secure option for daily purchases.
As a result, many forms of digital payments have since emerged. In Cebu, cashless transactions are done through the likes of digital banking apps and e-wallets.
Unfortunately, most digital payments in the Philippines are done through local apps and companies, while international e-wallets like Apple Pay, Cash App, Zelle, and more have yet to be accredited by the country’s central bank.
As digital wallets are a travel essential, it can get frustrating when establishments don’t accept preferred digital payment methods.
Knowing what the locals use can benefit you as a traveler, as it serves as a secondary option to paying through cash. If anything goes wrong, these apps can get the job done.
POPULAR PLATFORMS FOR CASHLESS TRANSACTIONS
- GCash
GCash is a pioneer in cashless transactions in the Philippines, and it’s the country’s most widely used digital wallet.
An article from ABS-CBN News reported that it already has over 94 million users in 2024, coinciding with 8 out of 10 Filipinos. (2024)
Today, many establishments from big hotels to sari-sari stores have adapted to GCash through money transfers and the Scan-to-Pay QR. Simply scan the QR code and put in the amount to be paid, and your transaction is finished.
You can cash in to your GCash account through online bank accounts and other e-wallets, but there may be an additional fee. For free transfers, visit physical locations like groceries, convenience stores, and remittance centers.
- Maya
Formerly known as PayMaya, the Philippines’ second largest digital payments platform launched before GCash as an e-wallet linked to a Visa debit card. In 2022, it rebranded itself simply as Maya, becoming an all-in-one digital bank.
Many establishments, even newly opened ones, use an official Maya card terminal for customers to pay through their debit cards or by scanning the QR Ph code. Maya champions and promotes QR Ph, a project from the country’s central bank, creating a central platform to be used by all e-wallets.
Maya is also highly regarded for its banking services like Maya Savings, offering a base interest of 3.5%, which can go all the way to 15% as you complete the app’s quests and challenges.
- GrabPay
Grab is known primarily for its ride-hailing services, but it has since expanded to include lifestyle services such as its built-in e-wallet called GrabPay.
With millions of users, this digital payments branch offers a more convenient way to avail all of Grab’s services.
Several businesses have also partnered with GrabPay, allowing customers to pay through their balance on the app. This includes several SM Malls, Watsons branches, and all Starbucks cafes nationwide.
There are a lot of benefits to using GrabPay, especially the discounts and vouchers offered from partner brands like Adidas, SM Stores, and Zalora.
- ShopeePay
Another in-app digital wallet is installed within Shopee, one of the country’s leading e-commerce companies.
ShopeePay is considered the main e-wallet option for online purchases.
While best used for transactions within the app, ShopeePay also offers QR code-based payments with partners like DJI, Samsung, McDonald’s, and more.
Users who pay through ShopeePay will be rewarded with discounts and vouchers as well, which can be used for online purchases on the app.
- GoTyme
Most of the aforementioned apps on this list require a long process to avail its key features, but what if you need one as soon as possible?
You can get this through Robinsons Bank’s newest digital bank, GoTyme.
GoTyme thrives on ease by letting customers register for an account in less than five minutes. All you need to do is visit a GoTyme kiosk inside Cebu’s Robinsons-affiliated malls and supermarkets.
The physical card given after registration serves as a rewards card, giving users points for every transaction at affiliate partners like Robinsons department stores, supermarkets, pharmacies, and convenience stores. The points can then be converted into e-money, which can be spent through QR Ph.
THE FUTURE OF DIGITAL PAYMENTS IN CEBU
Several global digital payments platforms have not been accredited by the Bangko Sentral ng Pilipinas (BSP), but this may not be for long.
It was recently reported at the end of 2024 that Apple Pay and Google Pay are looking to expand and begin operations in the Philippines due to the country’s strong smartphone-using population.
A BusinessWorld article confirms that the two companies must register with the BSP as an operator of payment systems (OPS).
An OPS is defined as “any person who provides clearing or settlement services in a payment system, or defines, prescribes, designs, controls, or maintains the operational framework for the system.” (2024)
An OPS license allows companies to offer several services, as approved by the BSP’s Manual of Regulations, including operating payment and fund transfer platforms and linking to financial institutions like banks.
It was mentioned that this process usually won’t take more than a month, so we might just find more digital payments platforms available in the Philippines soon.
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For now, these platforms should be your go-tos for smooth, convenient, and fast transactions while traveling in Cebu. You may only need one, but having all of them at your disposal allows for more comfort and assurance.
While cash still reigns as the main payment method for Filipinos, the convenience of e-wallets and digital banks ensures that making purchases in Cebu are done with ease.
REFERENCES:
Khando, K. et al. 2022. “The Emerging Technologies of Digital Payments and Associated Challenges: A Systematic Literature Review.” Department of Informatics, School of Business, Orebro University. ResearchGate. https://www.researchgate.net/publication/366700399_The_Emerging_Technologies_of_Digital_Payments_and_Associated_Challenges_A_Systematic_Literature_Review
Pascual, Jekki. 2024. “GCash seen to surpass Globe’s valuation.” ABS-CBN News. https://www.abs-cbn.com/business/2024/10/11/gcash-seen-to-surpass-globe-s-valuation-915
Jocson, Luisa Maria Jacinta. 2024. “Apple Pay, Google Pay eye expansion in PHL.” BusinessWorld. https://www.bworldonline.com/top-stories/2024/12/04/639096/apple-pay-google-pay-eye-expansion-in-phl/
