Ranking the favourite payment methods of young Filipinos

The payment method preferences of young Filipinos (Gen Z and Millennials) are heavily influenced by the popularity of mobile internet, the rise of digital banking, and local spending habits. Below is a list of the most popular payment methods and their characteristics for 2023-2024:

1. GCash (electronic purse)

  • popularity ★★★★★
    • Occupies 75% of the Philly e-wallet market with over 60 million users (mostly young people).
    • Core strengths: code payment, phone bill recharge, game point card purchase, cross-border remittance (GCash International), and even investment functions.
    • phenomenal application: Supported by street stalls to chain shops, "GCash mo na lang?" (Use GCash, right?) became an everyday phrase.

2. Maya (formerly PayMaya)

  • popularity ★★★★☆
    • The integration of "digital banking + e-wallet" appeals to tech-savvy users.
    • Differentiated Services: High-yield savings accounts (interest rates up to 6%), cryptocurrency trading support.
    • Scene penetration: One of the preferred payment methods of e-commerce platform Lazada/Shopee.

3. GrabPay

  • popularity ★★★★☆
    • High-frequency usage (taxi/takeaway) within the Grab ecosystem, extending to offline partner merchants.
    • High stickiness of young groups: Marketing campaigns such as redeeming points for Starbucks or concert discounts are accurately reached.

4. Coins.ph

4. Coins.ph (cryptocurrency + e-wallet)

  • popularity ★★★☆☆☆
    • unique positioning: The first digital wallet in the Philippines to support cryptocurrency transactions, attracting tech-savvy youngsters and freelancers (e.g., accepting crypto payments from overseas).
    • core functionality: Bitcoin/Ether transactions, bill payments, game top-ups, and even payment of government fees (e.g. NBI clearance fees).
    • user profile: Programmers, coin speculators, cross-border freelancers.

5. ShopeePay (king of the e-commerce scene)

  • popularity ★★★★☆ (especially among heavy e-commerce users)
    • Reasons for explosive growth: Shopee platform subsidy strategy (cash back, 1 peso rush), offline expansion to food markets and small shops.
    • social fission gameThe game-based reward mechanism of "shaking gold coins" is suitable for young people's entertainment consumption psychology.

6. Bank Transfer (InstaPay/PESONet)

6. Bank transfers (InstaPay/PESONet)

  • popularity ★★★★☆
    • InstaPay (real-time payments): Small instant money transfers favoured by young people for AA sharing of bills among friends or for urgent remittances.
    • PESONet (next day): Suitable for large transfers, such as tuition fee payments or rent, with lower fees.
    • base: Traditional bank app users (BDO, BPI, etc.), forced by digital banking competition to optimise their experience.

7. Credit/Debit Cards (Visa/Mastercard)