Filipinos without any e-wallet accounts can now receive money in real time anywhere in the Philippines via ‘GCash Padala’.
Some 27 million Filipinos send domestic remittances and 1.4 million of them already use GCash for the transaction.
Now, the mobile wallet seeks to boost numbers by including non-app users and those who are reluctant to go digital.
Last year alone, GCash transaction values hit over P1-trillion.
The app grossed P7.5-billion per day, with more than six million daily transactions, including cash-ins, payments, banking, and money transfers.
Under the new feature, senders save time and money because they don't have to physically go to a remittance center.
They can remit funds straight from their phones and recipients can get the money within one minute, through the app itself, free of charge.
GCash Padala charges 1 percent fees for a minimum remittance amount of P500, lower than banks and other money transfer outlets.
In addition, the remittance experience is easier, allowing users to send to non GCash users.
It only requires recipients to show one Valid ID to claim transactions through 2,000 GCash partners nationwide.
The new feature benefits not just regular GCash customers but also those who remain reluctant to get into the financial technology (fintech) market, according to GCash Chief Customer Officer, Winsley Bangit.
“GCash Padala is one way of making our services available to those who have not yet downloaded the GCash app," he explained. "Our reasonable fees for processing remittances can hopefully help us stay competitive in the financial services market.”
To access the service, the sender logs into the GCash app, selects “Send Money,” and taps the “GCash Padala” option.
A user interface pops up next where the sender will key in the intended recipient’s full name, mobile number, and the amount of money to be sent.
Afterwards, the sender has to confirm the transaction and pay for it using existing funds from his GCash account to send the money.
A notification with reference number of the transaction, and other detailed information, will be sent via text message to both the sender and the recipient in real-time as soon as the process is completed.
GCash has partnered with outlets such as Posible, Go VIP, Tambunting, Panalo Express centers, as well as local sari-sari stores—to serve as authorized “cash outlets” for its remittance service.
Sari-sari stores can earn up to P10,000 a month for participating as GCash outlets.
GCash has already been offering free cash-in services to its authorized agents nationwide for P8,000 and more.
GCash is owned and operated by Mynt, formerly Globe Fintech Innovations, Inc., and a subsidiary of Globe Telecom, Inc.