Digital money transfers growing

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    Filipinos money transferring money online now accounts for 19 percent of all money transfer transactions in the country, according to a 2019 study conducted by The Nielsen Company.

    The study said there were 9.3 million money transfer transactions done digitally out of the total 49 million total money transfer transactions covered by the Nielsen study done last April.

    Of the total 9.3 million, 6.4 million were done through mobile wallet and 2.9 million are on non-mobile wallet.

    Globe Telecom Inc.’s GCash is the top mobile wallet used by Filipinos for cashless transactions, comprising 4.9 million out of the overall 6.4 million mobile wallet remitters in the country, according to Nielsen.

    Cashless transfers are defined as the use of any device or tool to send and receive money online, including bank transfers.

    However, 81 percent or 39.7 million of money transfer this year are still cash-based.

    “There are 39.7 million who are still into exclusive cash-to-cash transfer and who have not tried a cashless solution. There are 2.9 million non-mobile wallet cashless remitters as well.

    These present a lot of potential for mobile wallets to expand and capture large, untapped segments,” said Anthony Thomas president and chief executive officer of Mynt which powers GCash.

    Sending allowance for children and family members is the top reason for money transfers, and e-wallets are seen to become increasingly relevant and attractive as it provides more functions and benefits.