The Bangko Sentral ng Pilipinas (BSP) with the support of the country's leading mobile wallet GCash, has introduced the Coin Deposit Initiative which aims to address coin shortage, reduce coin production and improve money circulation at the same time. To kick-off this groundbreaking initiative, Coin Deposit Machines (CoDM) have been installed in leading malls in Manila with GCash being the first Electronic Money Institution (EMI) provider who successfully integrated with the CoDM machine.
According to BSP's data, there is an estimated P27 billion worth of coins lingering in the National Capital Region (NCR) alone. These coins often end up stored away in bank vaults, piggy banks, and drawers or discarded as an inconvenience.
The Coin Deposit Initiative offers a convenient solution to the challenge faced by BSP regarding individuals accumulating coins at home. Through this collaborative effort, users now have the opportunity to deposit their coins into machines in convenient locations and credit them to their GCash wallets.
“Bawat barya ay mahalaga. Some will keep their coins in their cars or their cabinets, while others will throw it away. It’s a lot more expensive to produce coins than recirculate them because supposedly, there shouldn’t be any shortage if the coins are being used. So this proves the point that we need to use technology to recirculate the coins.” says BSP Governor Felipe Medalla.
GCash as an EMI provider will enable Cash In acceptance in strategically deployed machines around NCR and nearby areas. For this quarter, BSP is looking at deploying the machines in 25 pilot locations, 4 of which (SM MOA, Robinsons Ermita, and Festival Mall) were launched recently. GCash is providing support to the BSP by waiving the diversion fees and cash in limit to encourage users to deposit their coins.
“We are glad to share BSP’s goal for a healthier circulation of coins. The primary objective of the Coin Deposit Initiative of converting coins into e-money and reintroducing stagnant coins back into the economy is to cut the cost of minting new coins. With the deployment of CoDMs in key retail locations, users can easily convert their coins and cash in with GCash, without any additional charges.” said G-Xchange president and CEO Renren Reyes.
The Coin Deposit Initiative marks an important step towards promoting financial inclusion and enhancing money circulation in the country. By providing an accessible and user-friendly platform for coin conversion, GCash and BSP are empowering Filipinos to make the most of their spare change.
The GCash app is available for free at Google Play and the App Store.
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