GCash is adopting the cashless payments model of Alipay, China’s leading third-party mobile and online payments platform, which is enjoying unprecedented success in China, India and the rest of Asia to give people ease, convenience, and security when purchasing goods and services from lowly street vendors to high-end shops.
Alipay is operated by Ant Financial which has earlier entered into a joint venture with leading Philippine telecommunications provider Globe Telecom and the country’s oldest conglomerate Ayala Corporation to boost the operations of Mynt, parent company of GCash mobile wallet service.
|A Filipino shopper uses the scan to pay feature of the GCash App at a store in one of the popular malls in the Philippines|
“I believe e-payments have a tremendous amount of potential in the Philippines given the continuous growth of smartphone penetration and the number of unbanked Filipinos. Only a very select group of Filipinos have access to financial services so we want to provide that access to them. Part of financial services is cashless payments. It has taken off in other countries like China and India where the people have realized its value because of the convenience and security that it provides -- merchants and buyers don’t have to prepare change, e-money cannot be easily stolen, payments can easily be tracked, among other things,” said Ernest Cu, Globe President and CEO.