There were a lot of E wallets you can use here in Philippines. They are offering different services and various features for their user's conviniences. Each of them also offers different promos and rewards for their users that's why each of them are continuously hooking many users year by year.
Coins.ph is the first Virtual Assets Services Provider (VASP) was the first E Wallet that introduces cryptocurrencies to Filipinos. But their users got decreased due to some reason.Maybe due to their poor services I guessed.peace!
Aside from Coins.ph, there are various E Wallets that oftenly used by many Filipinos like Paymaya, DiskarTech and especially Gcash which is the most popular E-Wallet in the country.
But the problems, Gcash haven't yet cryptocurrencies services unlike coins.ph. Recently, popular payment app PayPal and Square recently added features where you can buy and sell cryptocurrencies in their wallets. And this time, Philippines most popular E-Wallet is showing interest in cryptocurrencies.
According to the philstar latest article,Martha Sazon the president and chief executive officer of Gcash that they are looking to offer on possibilities to add buying, storing,and selling cryptocurrencies services in the Gcash app.
According to her;
"While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,”
-Martha Sazon
She added,
“Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps,”
Is Cryptocurrencies Mass Adoption Is Coming To Philippines?
Well if you ask me, if we are going to say what will be the effect and impacts if in case Gcash will add cryptocurrencies services into their app, the possibilities for mass cryptocurrencies mass adoption in Philippines is much higher compare to what coins.ph achieved. Here are the reasons why.
Gcash Has More Users Than Coins.ph
Gcash has greater users compared to coins.ph with cryptocurrencies services. When it comes to the number of downloads and rating in the Google Playstore, Coins.ph has only 5 millions downloads with 4.1 stars ratings while the Gcash has 10millions downloads and 4.4 ratings stars. See the difference?
Here some more. According to businessworld, Gcash currently have 38 million registered users and been processed more than P1 trillion in transactions, according to Mr. Cu.
Gcash Partnered With Thousands Of Merchants
Just imagine if Gcash will adopt cryptocurrencies especially Bitcoin.Cash. They are partnered with Over 73,000+ merchants.
Using the app, you can buy movie tickets for your entertainment. You can buy foods for your cravings in your favourite fast foods and restaurants like Jollybee and UFC. Or buy your meds in Mercury drugs using the app. YES! that's possible because Gcash is widely accepted in every merchants here in the country.
Gcash Has Thousands Of Cash In Cash Out Partners
If these things will happened. Filipinos don't need to worry about how they buy or sell cryptocurrencies. Using Gcash App, they can just go to their favourite near remmitances to cash in their accounts and buy their favourite cryptocurrencies.
GCash is partnered with a thousands of remmitances where users can cash in their wallet like Palawan Pawnshop,Bayad Center, LBC , Perahub and many more.
Gcash Identity Verification Is Much Easier
One of the best thing in Gcash is their verification process and requirements. Gcash is accepting common IDs like Voters ID, Student Registration Form, UMID ,Postal and Philhealth for easy verification compared to coins.ph.
Closing Thoughts
As what Sazon said, "It’s important to know what the trends are, whether locally and globally and crypto is part of that". In that statement, we can see how they showed their interest in the trends especially cryptocurrencies which is the most popular and most trending topics this year. But for the meanwhile, we are just wait on what their next decision regarding this plan of them.
So, what can you say about this? Are your ready for the mass adoption?share in the comment section.
Thank you for reading 💚
Well, I am not from the Philippines, I am from a country where the central bank doesn't accept cryptos as means of payments. But if mass adoption goes on and on, someday in future, our banks to have to adopt it. I can feel there will be a positive effect due to mass adoption.