Optimizing Your E-Wallet Usage: 6 Practical Tips

Individuals who use e-wallets in the Philippines have steadily risen over the past years. The Bangko Sentral ng Pilipinas noted in a 2023 report that there were around 393.6 million e-wallet accounts during that year, along with a surge in digital payment transactions. Indeed, Filipinos are becoming more open to using e-wallets in their day-to-day purchases because of multiple benefits they gain.

For instance, e-wallets let users pay bills, shop online, and transfer money anytime and anywhere, eliminating the need for physical cash or trips to payment centers. They also promote financial inclusion, enabling those without bank accounts to still access digital financial services. Moreover, e-wallet users are able to keep their hard-earned money safe, thanks to their digital wallet’s security features such as one-time passwords (OTPs) and biometric authentication.

Whether you’re a new e-wallet user or an existing user looking for more ways to optimize your e-wallet use, here are some practical tips to keep in mind that can help you make the most of your e-wallet transactions.

1. Use Expense Tracking Features for Seamless Budgeting

E-wallets often come with expense tracking features such as transaction histories, purchase notifications, and digital statements. Paying attention to these tools allows you to better monitor your spending habits and improve the way you budget each month. 

For example, checking your e-wallet transaction history for ride-sharing payments lets you know exactly how much to allocate for it in your monthly budget rather than just guessing an amount. Similarly, seeing multiple transactions of the same type on your e-wallet statement can encourage you to reevaluate your spending. If you see that your expense history is full of food delivery charges, for instance, then this could be a wake-up call to seek cheaper alternatives such as cooking at home.

2. Take Advantage of Free Cash Transfers

Transferring money via your e-wallet usually comes with a transaction fee. While seemingly small, these fees can still add up quickly over time. Fortunately, promos for free or discounted transfer fees are common among e-wallets. Thus, it’s best to always be aware of these offers by monitoring official social media pages or checking your app notifications.

Free cash transfers can be helpful in keeping costs down, especially if you frequently send money to your family as many Filipinos do. If you have a fund transfer to make, then consider timing it within promo periods to save you on transaction fees.

3. Claim International Remittances via Your E-Wallet

If you have family members currently abroad as an overseas Filipino worker (OFW), you can also use your e-wallet for seamless claiming of their remittances from international money transfer services. This saves you time and effort from having to visit remittance centers and allows you to directly receive the funds. Moreover, this reduces any delay with claiming the remittances, which is vital in cases when the money is needed right away such as when paying bills or during emergencies.

4. Maximize International Features for Travelers

Paying for your purchases while traveling can be a hassle at times given factors like different exchange rates and the need to have your money exchanged for local currency. To make foreign transactions more seamless, you can rely on the virtual Visa or Mastercard debit cards linked to your e-wallet instead. These cards can be used for shopping or booking services, eliminating the need to carry foreign cash.

5. Leverage Cashback and Rewards

Local e-wallets offer cashbacks and various other rewards from time to time, thus helping you save on your expenses. For instance, some e-wallets have promo periods when their users can receive cashback when paying their bills. Meanwhile, others may set particular missions such as cashing in funds or completing an online purchase so you can receive rewards.

E-wallet providers may also have tie-ups with certain stores or online shops, allowing users to enjoy special deals if they complete a transaction using their e-wallet. In such cases, consider shopping from your e-wallet’s partner merchants so you can get exclusive discounts, vouchers, or cashback. By planning your expenses strategically to take full advantage of these benefits, you’re able to stack your savings.

6. Prioritize Security Features

When it comes to using your e-wallet, security should always be among your top priorities. Make sure you’re aware of your e-wallet’s security features to optimize the security of your account. For one, activate your e-wallet’s two-factor authentication (2FA) system so that each login attempt requires an additional verification method—such as by one-time password, biometric authentication, or face ID—to get in. This ensures that even if your main password gets compromised, your account will remain safe.

Look into your e-wallet’s spending limits as well and consider setting lower limits to minimize financial loss in cases when unauthorized transactions do occur. Doing this can also help you stick to your budget as well, seeing as there are limits to how much you can spend.

Your e-wallet isn’t just a tool to store money—it can also be used in helping you save more, budget better, and develop good spending habits. By following the tips above, you can unlock the full potential of your e-wallet while enjoying the convenience and financial control it offers.