RACONTEURPH

GCash teams up with banks to make fund transfers easier

GCash, through Globe Telecom’s fintech arm Mynt, has announced that it will fully roll out its newest free fund transfer service in partnership with more than 30 banks in the Philippines.

The movement was made in response to the public’s growing clamor for convenience, a far cry from the traditional banking transaction wherein customers must allot a certain amount of time for falling in line and waiting for their turn for a simple transaction that usually lasts for merely a few minutes.

In addition, Philippine fund transfers services are notorious for having exorbitant fees (depending on either a certain percentage or a fixed fee) and antiquated paper process.

Nowadays, anyone who wishes to make fund transfers transactions can use a GCash app installed on their smartphone. They simply need to input the fund amount in their GCash account and the bank details of the accounts they're transferring funds to, and presto, they can just sit tight and relax as the confirmation message arrives on their device. Plus, this mobile money program is open to use for all networks. 

With this move, the Bangko Sentral ng Pilipinas (BSP) expects the nation to have at least 20% of its financial transactions to be made electronically by next year (2020) with banks and Electronic Money Issuers (EMIs) such as GCash, taking part on what has been classified a vital part of the country's financial ecosystem.

“Fund transfers used to be a long process where customers must wait for their turn on the cashier just to have money delivered onto another account. With GCash's new feature, over 15 million customers can now transfer funds to more than 30 banks for free, and without taking hours,” said Anthony Thomas, Mynt President and CEO. “This convenience, combined with all the services available in the GCash app, makes for a perfect all-in-one financial tool for all Filipinos. It all ties back to GCash's mission of financial inclusion in the Philippines.”