Local literature

1. An Application of Analytical Hierarchy Process in the Comparison of the Use of GCash, Paymaya, and
Debit Card Applications as a Payment Option in the Philippines

Author: Julianne Mikhaella Delos Reyes, Louis Miguel Dural, Julia Sofie Mangaoang, Gaea Marithe Victor,
Rianina Borres (2021)

Proceedings of the International Conference on Industrial Engineering and Operations Management,

The Philippines was considered to be one of the first few countries who have started the use of mobile
money or simply digital payments. The country had an inconsistent development as they were starting
with the technological field, so the government partnered with its related sectors in order to fully
facilitate and promote the use of digital payments. Adjusting to this type of payment system may be
difficult from the start, but as progress and development continues, people were able to manage all
challenges experienced, which resulted in the sudden increase of usage in digital payments such as
GCash, Paymaya, and Debit Card applications as these were considered to be the payment options that
are widely used in the country in completing any transaction. In this study, the researchers aim to
investigate which of the three (3) payment options are considered to be the most beneficial in terms of
the factors of aesthetics, benefits/rewards, ease of use, loading convenience, range of transactions,
security, and service fees by conducting an online survey to GCash, Paymaya, and Debit Card users in
order to measure their customer satisfaction with the applications. The gathered data was used in the
application of the Analytical Hierarchy Process, by using the software Expert Choice. The criteria weights
and local weights acquired in using the software were used in calculating the global weight for each of
the payment options in order to identify which is the best option among the three. Through the analysis
of the related literature and gathered data, under the criteria used by the researchers, the factor of
security was highly prioritized and considered by its users. Aside from that, Paymaya obtained the
highest number of global weight in the calculations, being the best and most beneficial mobile
application as a payment option in completing transactions in the Philippines, considering all factors
mentioned, most especially the factor of security.

https://ieomsociety.org/proceedings/2021rome/637.

2. Mobile Payments Adoption in Small and Medium Retail Enterprises: An Exploratory Study in Manila,
Philippines
Author: Alexander A Hernandez, Ronaldo A Juanatas, Victor James C Escolano, Ma Divina E Elvambuena

2022 7th International Conference on Business and Industrial Research (ICBIR), 237-242, 2022

Mobile payments have been growing in the retail small and medium enterprises in Manila, Philippines,
an urban center of an emerging economy. Despite the introduction of mobile payment services, retail
SMEs’ evidence on drivers and consequences of its adoption is relatively underexplored. To answer this
gap, this study explored the driver and consequences of mobile payment adoption by using a qualitative
study of retail SMEs. Results show that customer acceptance, connectivity and infrastructure,
regulations, and trust drive the adoption of mobile payment adoption. Besides, consequences of mobile
payment adoption include convenience, enhanced customer experience, revenue generation, and
sustainability. This study presents some implications to improve the uptake of mobile payment services
and contributions to research and practice.

https://ieeexplore.ieee.org/abstract/document/9786389

3. Adoption of E-Payment Systems in the Philippines

Author: Camille Jeremy B. Raon, Myra V. De Leon, Rayan Dui (2021)

Despite the flourishing industry of electronic-payment (e-payment) systems in recent years, cash
transactions continue to dominate the Philippines. One factor affecting this diminutive growth rate is
the Country’s low bank population (Remo, 2018). However, electronic transactions have great potential
given that the Country’s mobile phone usage rate is high. Nevertheless, there are still many challenges
to overcome for the industry to become successful such as infrastructures, regulations concerns, and
buy-in from merchants. Most importantly, firms need to address and build awareness and trust from
consumers to improve e-payment usage in the country.

According to the Bangko Sentral ng Pilipinas (BSP) Financial Inclusion Survey 2017, most Filipinos still
have no bank account due to failure to maintain the balance needed for these accounts. BSP reports
that only 15.8 M or 22.6 percent of the total population own a bank account, mainly driven by perceived
lack of need,

lack of necessary documents, and high cost.

https://ojs.uajy.ac.id/index.php/jik/article/download/3197/2176
4. GCash: Revolutionizing Digital Payments in the Philippines and Beyond

Author: Flordeliz P. Afable (2024)

GCash has emerged as a transformative force in the realm of digital payments, particularly notable for
its rapid adoption and integration into Filipino daily life. Originating in 2004, GCash gained substantial
momentum during the COVID-19 pandemic, facilitated by regulatory support from the Bangko Sentral
ng Pilipinas and strategic innovations by telecommunications giants Smart Communications and Globe
Telecom. Today, GCash serves as a cornerstone of financial inclusion in the Philippines, offering a
versatile platform for online and offline transactions, bill payments, money transfers, and mobile
commerce.

This study explores GCash's evolution from a mobile wallet to a cultural phenomenon, impacting societal
norms, economic behaviors, and financial accessibility. Through partnerships with international financial
services and local retailers, GCash has extended its influence beyond borders, positioning itself as a
global benchmark for mobile financial solutions. Key features such as Customer Protect and QR code
donations reflect its commitment to security and community engagement, fostering trust among its 20
million users.

Despite its successes, challenges persist, including technological barriers and competitive pressures from
other digital wallets. Nevertheless, GCash continues to innovate, integrating user feedback to enhance
service reliability and user experience. This article examines GCash's socio-economic implications,
emphasizing its role in empowering individuals and businesses while navigating cultural shifts towards
digitalization.

Through an analysis of industry reports, user testimonials, and regulatory insights, this research
underscores GCash's transformative impact on Philippine society and its potential to shape global
fintech trends. As digital payments evolve, GCash stands poised at the forefront, reshaping financial
landscapes and redefining what it means to be financially connected in the digital age.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4871527

5. State of Digital Payment in the Philippines

Author/s: Raymond ESTIOKO, Bridget Rose MESINA-ROMERO and Maria Christina MASANGKAY, Bangko
Sentral ng Pilipinas (2020)

The Philippines continues to expand its digital adoption as discussed in this Highlights report which
captures the progress of payments digitalization in the country in the last two years. This report
discusses the trajectory of key payment use-cases that were identified' to offer the most promise - both
in terms of increasing the share of digital payments as well as democratizing the benefits of digital
payments - and shows that payments made by individuals such as merchant payments and remittances
remain key contributors to growth.

The COVID-19 pandemic has also catalyzed the shift in awareness and has provided the necessary push
for more consumers - individuals, businesses and the government - to use digital payments as the
country was compelled to implement necessary health and social-distancing protocols.

These results are encouraging, as the Bangko Sentral ng Pilipinas (BSP) remains committed in pursuing a
cash-lite economy, relentlessly putting in place enabling policy and regulatory reforms to promote a
safe, efficient and reliable national payment system that ensures responsible digital payments for all. Its
deliberate approach to leverage technological advancements, promote the use of innovative products
and services, and its uncompromising stance to enable interoperability have provided the critical
foundations for the continued adoption and usage of digital payments in anticipation of a "New
Economy" post-COVID, in which increased consumer reliance on digital platforms and channels is
expected.

https://www.bsp.gov.ph/PaymentAndSettlement/
State_of_Digital_Payments_in_the_Philippines_(2021_Edition).pdf