GCash is poised to lead the future of payments in the Philippines following the recent joint venture of Ant Financial, Globe Telecom, and Ayala Corporation. The collaboration is seen to…
GCash is poised to lead the future of payments in the Philippines following the recent joint venture of Ant Financial, Globe Telecom, and Ayala Corporation. The collaboration is seen to speed up the country’s digitization to make the lives of Filipinos much easier.
Jack Ma, founder and executive chairman of Alibaba Group, attended an event that marked the opening of the Philippine retail industry to electronic payments through GCash. Ma was joined by Ant Financial Services Group CEO Eric Jing, Ayala Corporation President and COO Fernando Zobel de Ayala, Globe President and CEO Ernest Cu, Ayala Land President and CEO Bobby Dy, and Mynt President and CEO Anthony Thomas.
GCash QR code
“Imagine a day when you can shop and buy cinema, bus and train tickets with a simple scan of your personal GCash QR code in your smart phone. The convenient daily life 520 million Alipay users are enjoying will soon be realized in the Philippines. In the past months, Ant Financial has worked closely with GCash product of Mynt, as we are dedicated to bringing digital financial services to our friends in the Philippines,” Jing said.
“We are thrilled to mark this special milestone with Mr. Jack Ma, and Mr. Eric Jing of Ant Financial — it goes without saying that we are very pleased to partner with Ant Financial, given their level of experience and expertise in this field,” said Zobel de Ayala. “We look forward to innovating and evolving with the Filipino consumer, together. This day marks a special moment in the history of technology and payments in the Philippines — this launches the first broad application of such technology, and marks GCash as the leader in this space.”
Cu said the partnership is now bearing fruit. “We are happy to share the initial successes that will disrupt payment methods in the Philippines. In this country, only 5% of the population have credit cards, leaving almost everybody to carry cash all the time to pay for something. Today, we are introducing the 3rd method of payment – GCash. We found the right partner and the right time to really scale up the business and change the way we use financial services.”
Make digital preferred choice
“Now that more people are using data on their smartphones, the time is ripe to enable digital payments using the smartphone and let this go mainstream. Our challenge today is to make digital payments the preferred choice among our customers instead of cash or credit cards,” he added.
Through GCash, particularly the scan to pay feature of the GCash App, Filipinos can now experience the convenient cashless lifestyle.
The new payment option is a game changer for both consumers and merchants. It allows customers to pay for goods and services by simply using their smartphones to scan QR codes displayed by merchants and establishments.
Benefits for business owners
Business owners also benefit from not having to install expensive machines as they are provided with a QR code sticker which buyers can scan to pay. Customers pay the exact amount, removing the need for coins or change. GCash sees this solution working not just for organized trade but even for the ambulant vendors.
Joining GCash in showcasing the future of payments in the Philippines is Ayala Malls. Known as a retail innovator, Ayala Malls is a perfect catapult for GCash to reach thousands of consumers while also improving the customer experience for Ayala Malls shoppers. Glorietta is the first Ayala Mall to offer the GCash payment system in many of its shops and restaurants, as well as its cinemas.
GCash will be rolled out very soon to other Ayala Malls such as Greenbelt, TriNoma, Market! Market!, Alabang Town Center, Ayala Center Cebu, Bonifacio High Street, UP Town Center, Ayala Malls The 30th, Ayala Malls Vertis North, and Ayala Malls South Park. With the GCash scan to pay feature, Ayala Malls customers can catch up with the cashless experience of shoppers in other countries.
GCash is an internationally-acclaimed mobile wallet service of Mynt which can be used to buy load, pay bills, send money, and pay for goods and services whether online or offline. (Press Release)