GCash, in partnership with Alipay+ and Visa, announced that Filipinos overseas can now use the e-wallet service for cashless transactions.
The Philippines' top finance super app, GCash, has launched its expanded international services during the Singapore FinTech Festival 2023.
In a panel discussion at the annual gathering, GCash president and CEO Martha Sazon unveiled a new feature in the mobile app that allows users to view real-time foreign exchange rates in select countries, including Singapore, Japan, and the USA.
Sazon said:
Through GCash services, Filipino travelers, as well as those who live and work overseas, can enjoy the same benefits as those who own credit cards and bank accounts. They can use the app to pay in stores and establishments that accept Alipay+ or accept card transactions.
GCash has been expanding its reach globally through its partnership with Alipay+, a leading global payments company. This partnership enables travelers to use GCash for cashless transactions in 17 countries, such as Singapore, Japan, the USA, Australia, France, Germany, Hong Kong, Italy, Macau, Malaysia, Qatar, South Korea, Spain, UAE, and the United Kingdom.
Moreover, users can sign up for GCash even when they are overseas, using international mobile numbers in six countries, such as the USA, Italy, and Japan.
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GCash has partnered with Visa, enabling its users to make cashless transactions at more than 80 million merchants worldwide in over 200 countries. You can now order the new GCash Card through the app. Additionally, you can use GCash to pay for transactions at establishments that accept Alipay+ by scanning their QR codes or generating a code, making your payment process smooth and hassle-free.
In addition to expanding globally, the fintech company is also enhancing its offerings for business customers.
Sazon explained:
I think to really transform the nation, we start playing in the B2B (business-to-business)space. We can't just be one of the players, we need to really address the pain points and the friction that's in the B2B space to make it a more meaningful play for us.
GCash not only provides digital financial tools for enterprise clients but also offers partner marketing solutions to businesses of all sizes, taking advantage of the app's wide user base. In addition, GCash is dedicated to assisting nano, micro, small, and medium enterprises (NMSME) in their digital transformation with a range of innovative business solutions.
During a panel discussion at the Insights stage of SFF 2023, Sazon participated in a discussion on "Building Unicorns: An ASEAN Success Story." She was accompanied by Ernest Cu, the chairman of Mynt, the GCash holding company, and the President and CEO of Globe Group, one of the Philippines' largest telecom companies. The panel was moderated by Ryan Huang, Assistant Finance Editor, Senior Producer, and Presenter at Singapore's MONEY FM 89.3.
GCash is a fintech company in the Philippines that has achieved the rare feat of being valued at over USD 2 billion, making it the only double unicorn in the country. The company has expanded beyond its original money transfer business and now provides a range of financial services, including fair lending, investment, insurance, cryptocurrencies, and other lifestyle services.
The Singapore FinTech Festival is a significant event for the industry, bringing together industry players and leaders from around the globe. Last year, it attracted 62,000 participants from 134 countries. The event is organized by Elevandi, a non-profit organization established by the Monetary Authority of Singapore (MAS).
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