Globe GCASH vs Smart Money

Posted on by Caroline Siñel in Mobile Banking



Notice: This article is not updated.

Globe GCASH and Smart Money are the two mobile payment services available in the Philippines today. Here are the comparison between Globe GCASH and Smart Money in terms of registration, transaction method, deposit, sending money, withdrawal, security and other features.

Transaction Method

  • Most Globe GCASH transactions are SMS-based. Globe has a GCASH menu but it has to be downloaded first.
  • Most Smart Money transactions are done using the Smart Menu. Smart Menu comes pre-installed with Smart Money Menu.

Registration/Sign-up Process

  • To sign-up for Globe GCASH, all you need to do is register via text message. Once registered, you can already start using GCASH.
  • To sign-up for Smart Money, you first need to register thru Smart Menu or SMS. Then apply for a Smart Money Mastercard at your nearest Smart Wireless Center and present a valid ID. It may take up to 7 days for the card to arrive. You cannot use Smart Money unless you get your card.

Applying for a Smart Money account can take up to seven days or more. Meanwhile, applying for GCASH only takes 5 minutes. No need to go to any Globe business center. No need to present a valid ID. But the only problem with GCASH is that their sign up process is too easy. Since Globe doesn’t require any proof of identification upon sign up, the system can be easily manipulated by scammers by creating a fake GCASH account.

Account Number

  • When you register for GCASH, your GCASH account number is your 10-digit mobile number.
  • When you register for Smart Money, there are two account numbers you need to remember – your Smart Money account number and your 16-digit Smart Money Mastercard number. The 16-digit Smart Money Mastercard number will be used for making transactions.

When using Smart Money, memorizing long account numbers can be quite confusing and may make it difficult in doing transactions. With GCASH, you only need to give your mobile number as your account number. It is not only easier to remember but the recipient can also be rest assured they have the mobile number of the person they are transacting with.

Deposit/Cash In

  • To deposit money in your GCASH wallet, you need to go to a Globe Business Center or any accredited GCASH partner and request to do a cash-in transaction. You need to present a valid ID.
  • To deposit money in your Smart Money account, you need to go Over The Counter (OTC) at any Smart Wireless Center, BDO branch or any Smart Money accredited outlet.

Sending Money

  • Sending money from your GCASH wallet to another GCASH wallet costs Php 2.50/transaction to be deducted from your prepaid/postpaid account. A confirmation message will be sent to both the sender and the receiver after a successful transaction.
  • Sending money from your Smart Money account to another Smart Money account costs Php 2.50/transaction to be deducted from your prepaid/postpaid account. A confirmation message will be sent to both the sender and the receiver after a successful transaction.

ATM Card/Debit Card

  • GCASH ATM card can only be used for withdrawing money from GCASH account. Applying for a GCASH ATM card costs Php 100.00.
  • Smart Money Mastercard is a debit card. Aside from withdrawing money, it can also be used to purchase at any store that accepts Mastercard, even online. Applying for a Smart Money Mastercard costs Php 120.00.

Smart Money Mastercard is more flexible than GCASH ATM. Smart Money Mastercard can be used for both purchasing and withdrawal. While GCASH ATM can only be used for withdrawal of funds.

Withdrawal/Cash Out

  • To withdraw funds from GCASH account, visit your nearest Globe Business center or any accredited GCASH partner, request a cash-out transaction and present a valid ID. Some Globe Business Center may charge a fee. You can also use your GCASH ATM card to withdraw from any ATM nationwide. ATM withdrawal fee is Php 20.00.
  • To withdraw funds from Smart Money, you can visit your nearest Smart Wireless center or use your Smart Money Mastercard to withdraw at any BDO ATMs nationwide. ATM withdrawal fee is Php 3.00.

With Smart Money Mastercard, you can withdraw funds from your Smart Money account for only Php 3.00 per withdrawal at any BDO ATMS nationwide. Smart obviously wins here.

Security

  • GCASH has no security feature.
  • Smart Money Mastercard has a lock feature that prevents your account from making online purchases when it is locked. So unlock your account only when you need to shop online. It auto-locks after 10 minutes. Unlocking fee is Php 2.50/unlock and will be deducted from your prepaid load/postpaid account

Conclusion: GCASH’s easy sign-up process may have attracted a lot of users and they seem to have no problems adopting to the SMS-based sending of money. Now they have more subscribers than Smart Money. But only a few realize the advantage of using Smart Money. Smart Money’s long registration process can be quite confusing at first. But after registration, the rest of the transactions are hassle free. Starting from the simplicity of Smart Menu, the flexibility of Smart Money Mastercards, and the low cost withdrawal thru BDO ATMS, Smart Money offers more than GCASH.