GCash the country’s leading mobile wallet
Credit to Author: Rey Bancod| Date: Sun, 03 Feb 2019 16:01:37 +0000
Three years ago, who would have thought that you can pay your bills, make bank deposits, buy load, and send money using your mobile phone? With GCash, pwede pala! Gone are the days when you have to get out of your home or sneak out of work during breaks just to make a last-minute bill payment at the bank or at a payment center. Filipinos nowadays are looking for convenience, efficiency, and availability. “We are trying to solve the problem of access to basic payments and financial services for Filipinos. Nearly 7 out of 10 do not have access to a bank account, 34% of municipalities do not have a physical bank branch, 90% of the population does not have formal credit. This is what we want to work on and hopefully make a positive impact,” said Anthony Thomas, Mynt President and CEO. He believes that there are still a lot to be done in the Fintech space in the Philippines even as he expressed optimism that by disrupting traditional channels through digital financial technology services, Mynt would be able to provide financial access for more consumers and merchants, and organizations.
Inside the Mynt office is the Partners Wall, a dedication mural where the company celebrates all its partners through the years. Anthony Thomas, Mynts President and CEO, is seen here. Mynt is the company that operates GCash, the countrys leading mobile wallet application.
The Mynt Background
It was not too long ago in an 8-seater storage room, inside the then newly constructed Globe Tower in Bonifacio Global City, that the concept of enabling the aspirations of the financially underserved was conceived. Most Filipinos do not have access to various financial services: Nearly 7 out of 10 Filipinos do not have access to bank accounts, about 95% have no credit cards, and about 40% do not have access to physical banks. These make life more challenging for your average Juan dela Cruz, whose daily wage just hover around P500, to have spare cash to access better financial services, as opening up even the most basic credit card line costs a hefty P10,000, not to mention all the time one will consume to get it. However, the market is ripe for digital disruption because of a high mobile penetration and a thriving young population.
Inside that very storage room were a handful of willed employees proposing a solution to address financial inclusion in the Philippines. Thus, Mynt was born. Mynt was a company established in 2015 as a strategic partnership between Globe Telecom and the Ayala Corporation for the realization of a cashless nation leading to finance for all. Later in 2016, the Chinese mobile wallet giant Ant Financial (Alipay) came onboard, strengthening Mynt ‘s positioning in the country as it operates GCash and Fuse Lending, Inc.
Mynt provides innovative and relevant fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. They are able to put forth these solutions by actively listening to customer feedback and leveraging on the technological expertise and knowhow brought by Globe and Alipay.
Mynt operates two other companies: GCash, the leading mobile wallet in the Philippines, and Fuse, a microlending company that extends small loans to Filipinos for as small as P1,000 via GCash through GCredit. These services are readily available to any Filipino that has a bar phone or smartphone that will register to the service.
The GCash App
The GCash App is the country’s leading mobile wallet, growing exponentially to 15 million registered users nationwide in just three years. It has been awarded the Best Mobile Payment App of the Year in 2017 by The Asian Banker, and the Best Mobile Payment Service Award by the Telecom Asia Awards in 2018. It’s also the leading finance app in the Google Play Store since 2015.
Originally a platform where a customer can buy prepaid airtime credits, send money to other GCash users, and pay bills without going to a payment center, the GCash App have rapidly developed to become a lifestyle app. It now has the ability to – on top of being able to scan to pay using GCash QR – book movies at partner cinemas, pay directly on Lazada, pay using credit (via GCredit), invest in money market funds, and even lets Alipay users in Hong Kong directly send money to GCash users in the Philippines.
As a new feature, the GCash App can also send money directly to 30+ partner banks, including BPI, BDO, RCBC, Unionbank, and Metrobank, to name a few, free for a limited time only.
Anyone can download the GCash App and register for a GCash account. With its multiple features, customers are realizing that they can solve their pain points through the app. Bong Yusingco, a worker from Quezon City, was previously receiving his son’s remittances from a brick-and-mortar remittance center, but is now using GCash exclusively. “Pinadalhan ako ng pera ng anak ko pambili ng gamot, dahil sa GCash walang bayad magpadala. No hidden charges, di nabawasan ang pera ko,” he said.
Justine Concepcion, an employee in Taguig, also utilizes the GCash App for other uses aside from money withdrawals. “Any payment has been easy since I used GCash. I can pay my bills and enjoy my shopping without bringing my wallet! Not only that, I can withdraw money using my GCash Mastercard without getting charged,” he said.
Customers without the GCash App can also register by dialing *143# on their bar phones then looking for GCash, or by opening their Messenger App and searching for @gcashofficial.