Fintech Mobile Apps: Install or Uninstall?

Fintech Mobile Apps: Install or Uninstall?

Swipe your finger through my smartphone apps screen, and you won’t see any Mobile Legends nor Candy Crush Saga. I stopped playing mobile games two years ago. The last game I got addicted to was Clash of Clans (COC).

Apart from the usual social media apps and other on-the-go productivity tools, financial technology, or simply fintech mobile apps — Metrobank Online Banking, GCash, PayPal, and Coins.ph — complete the three panels of my apps screen. My homescreen doesn’t display any.

Metrobank Online Banking (Installed). Since the company where I work shifted from Security Bank to Metrobank for our payroll, I’ve been tracking my bimonthly salary, ATM withdrawals, and other online transfers with the app.

I find it perfectly fine except that little disappointment I have with its bills payment facility. While the search box is lame I should say, the app doesn’t offer as well a complete list of merchant partners as available on the web version. It usually takes me a quarter of an hour scanning through the list (plus that ‘load more’ button that requires almost a dozen of clicks).

PayPal (Installed). I’ve started to appreciate the simplicity and convenience that PayPal app offers. In fact, I’ve been recently using it as a channel for receiving international money transfers from the increasing number of my blog sponsors and partners.

Three days ago, I finally figured out how to make a real-time and free fund transfer from PayPal to GCash, and then to my Metrobank account. Before, I would make direct bank transfers which take around two days, not to mention the convenience fee.

BillEase (Uninstalled). Lately, I couldn’t find time for shopping, and since I am not a credit card person, I tried BillEase to fund my Lazada wallet. It’s all easy as one-two-three, but I wouldn’t suggest it though.

Not only that the loan comes with an interest, it can also be cashed out only by a few select app users. It’s exclusively for shopping at Lazada and cannot even be used to buy digital products such as mobile prepaid credits.

BillEase has rolled out though its GCash Top Up where the loan can be cashed out as GCash credits and with higher interest rates. For instance, there is a PHP1000.00 interest for a PHP4000 worth of credits.

While I must not be one of the lucky users, I would feel even more annoyed constantly receiving SMS notifs within three days before the deadline of the next installment.

Akulaku (Uninstalled). I can actually compare BillEase to Akulaku, the other app which I dumped already because of the extremely high interest rates and the stagnant credit limit. It’s machine generated though, as per the customer service rep I had a chat with.

GCash and Coins.ph (Installed). Equally competitive, GCash and Coins.ph are worth-installing. Both have numerous merchant partners, even government agencies, for cash-ins, cash-outs, and even for bills payments.

GCash though doesn’t have the cryptocurrency market, but it has features that frugal digital wallet users will definitely love — the savings account that comes with impressive interest rates and the GCredit based on one’s GScore.

GCash and Coins.ph vary also in terms of convenience fees one should be mindful of upon making transactions.

Bottomline, the app stores offer various fintech mobile apps that can be either advantageous or not depending on the user’s preferences and needs. It’s not bad to try them all. You decide then: install or uninstall?