Is the Philippines ready to engage in cashless transactions?
GCash says yes.
GCash is a Bangko Sentral ng Pilipinas-regulated mobile money service that lets you buy load, purchase items, send and receive money, pay bills, and more using telecommunications providers Globe, TM, or any other network. It’s like having your wallet inside your phone giving you hassle-free and safer ways to go cashless.
GCash vice president and Corporate Communications Group head Ney Villasenor said that at present the company has over 20 million Gcash app users who prefer hassle-free day-to-day transactions. The figure includes yuppies, merchants, overseas workers and millennials.
“But we are also aiming to reach the underserved and even the non-smartphone users in rural areas”, Villasenor added.
Gcash converts mobile phone into a virtual wallet. Through the app, one can pay for items, transact online and send money at the speed of a text message.
“We have been doing bonus efforts to make the service available even to non-smartphone users. We really have to democratize the service,” Villasenor said.
The GCash app is open to all networks – Globe, Smart, Sun, Talk n’ Text or TM. In line with their aim to go cashless, GCash vice president for Financial Institutions Joseph Lim provided a walk through of GCash’s app money service that they offer for free. With Gcash, a customer only needs a smartphone, funds in their Gcash account, bank details and a reliable internet connection.
Lim added that with the GCash service, fund transfers which are usually long and time-consuming, will now take less than three minutes to complete. “GCash is now fully integrated to the banks in the Philippines”, Lim said. “With GCash, you can use the funds in your GCash account and deposit it to any of the 30 plus banks supported nationwide.”
For its fund transfer service, GCash uses the InstaPay platform introduced by BSP. InstaPay is an Electronic Fund Transfer (EFT) service that enables customers to transfer funds instantly, between and across accounts, of participating BSP-supervised banks and non-bank e-money issuers in the country. In March this year, GCash is launching a massive campaign that will further strengthen their goal to reach the underserved areas. The campaign focuses on Visayas and Mindanao.
At present, there are 1,647 active GCash merchants in Davao City – including public markets, TODA, and those establishments operating outside the malls. Likewise, there are some 576 active mid fat tail merchants.