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Manila Bulletin devider Business devider GCash: Building an inclusive financial ecosystem

GCash: Building an inclusive financial ecosystem

Published Jun 25, 2021 02:29 pm

Mobile e-wallet GCash has 40 million Filipino users todate and continues building its user base reach at least half of the population, or 50 million, for a more inclusive financial ecosystem to fast-track economic recovery.

Our partnerships with the private sector have provided us with a wide network to reach more customers and develop more relevant financial services and products, says Martha Sazon, GCash president and chief executive officer in today's (June 25)

webinar.

But in order to truly reach the unbanked and underserved communities, we look to the public sector with their expertise and resources," she stressed.

"Together, we can really make a difference in the lives of Filipinos.

GCash's webinar, One with the Nation: Forging Public-Private Partnerships Towards Digital Inclusion in the Philippines, opened with a Keynote Message from BSP Governor Benjamin Diokno.

Making financial inclusion a reality for every Filipino is important, the BSP Governor underscored.

BSP deputy director Atty Leah M. Irao and Cong. Jose Enrique Garcia. discussed the value of digitalization to promote the safety and security of Filipinos even beyond the pandemic.

GCash AVP and Head of Public Sector & Partnerships Cathlyn Pavia emphasized the critical value of implementing digitalization in phases, and how digital solutions can be integrated to create a hybrid approach and facilitate smoother adoption.

On the other hand, Bureau of Treasury of the Philippines OIC Deputy Treasurer Ed Marino discussed the long-term benefits of creating sound policies and guidelines, ensuring transparency during digital transformation.

Highlighting trailblazing partnerships going cashless, Makati Mayor Abby Binay cited the city's digital headstart.

The Makati LGU collected the data of its constituents to create the Makatizen ID card and open GCash accounts.

The card serves as a valid ID that can be used to avail of government services, and a debit card to withdraw in any Bancnet ATM or use in Mastercard-accepting merchants.

Makati also used GCash to disburse the salaries of employees, the allowances of senior citizens, and other financial assistance such as Maka-tulong.

Finally, the webinar discussed the collaboration between GCash and the Department of Social Welfare and Development (DSWD).

The latter used the mobile wallet for safer distribution of funds for its Social Amelioration Program.

GCash was able to distribute more than P16 billion to at least 2 million Filipinos, saving the government about 952 days and around P52 million.

GCash continues to support DSWD in its Assistance for Individuals Under Crisis Situation program on a monthly basis.

The mobile app has also partnered with the Social Security System (SSS).

Since February, SSS has enabled GCash as an option for receiving benefits through PESOnet.

The app provided SSS members an option to pay their monthly contribution payments via the apps Pay Bills feature.

PAG-IBIG also accepts GCash payments via Pay Bills and Web Pay.

Ultimately, GCash looks forward to collaborating with more LGUs and other national government agencies to promote digital synergy.

Related Tags

FINANCIAL INCLUSION BSP GOVERNOR BENJAMIN DIOKNO GCash
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