Globe Gcash
By: chan-chan torres
Pay Your Bills Easier Thru GCash–The future of payments in Philippines at Ayala Malls
We have previously released materials about GCash, an internationally-acclaimed mobile wallet service of Mynt (a subsidiary of Globe Telecom in charge of developing payments solutions) which can be used to buy load, pay bills, send money, and pay for goods and services whether online or offline.
Recently, Alibaba Group Founder and Executive Chairman Mr. Jack Ma graced the opening of Philippine retail to electronic payments through G-Cash. Following the joint venture of Ant Financial, Globe Telecom, and Ayala Corporation which is seen to speed up the country’s digitization, GCash is poised to lead the future of payments in the Philippines while making the lives of Filipinos much easier. Mr. 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.
CEO Eric Jing said, “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 of 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. Technology is helping more people to enjoy the benefits of digital financial services in a cost-effective, efficient and safe way. I hope we may share our technologies and experiences with our partner, helping them to better serve more local users.”
According to Ayala Corporation President and COO Mr. Fernando Zobel de Ayala “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. 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.”
Ayala has been constantly investing in projects that will broaden payment and lending options for the Filipinos. The partnership with Globe and Ant Financial Services Group, one of the world’s leading digital financial services providers and parent company of Alipay is aligned with Ayala’s recent strategic investments to meet the people’s changing needs, and fast track the development of the Philippines’ digital economy.
Meanwhile, Globe President and CEO Ernest Cu noted that the partnership is now bearing fruit and that they are happy to share the initial successes that will disrupt payment methods in the Philippines. According to Mr. Cu only 5% of the Philippine population have credit cards. The rest carry cash all the time to pay for their purchases. Thus, they are introducing the 3rd method of payment which is the GCash. They have found the right partner and the right time to scale up the business and change the way we use financial services.
He also added that 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. The challenge they are facing today is to make digital payments the preferred choice among their customers instead of cash or credit cards.
With GCash, specifically the scan to pay feature of the GCash App, Filipinos can now experience the easy, cashless lifestyle. It is a new and convenient approach for both consumers and merchants as it allows customers to pay for goods and services by simply using their smartphones to scan QR codes displayed by merchants and establishments. Store owners will also benefit from not having to install costly machines since they will be provided with a QR code sticker which buyers can scan to pay. Customers pay the exact amount, no need for coins or change. GCash sees this solution working not just for organized trade but even for the ambulant vendors.
To be able to reach thousands of consumers, Ayala Malls will be joining GCash in showcasing the future payments in the Philippines. Glorietta was the first Ayala Mall to offer the GCash payment system in many of its shops, restaurants and theaters. The GCash scan to pay feature will enable customers of Ayala Malls to catch up with the cashless experience of shoppers in other countries. Other Ayala Malls where GCash will soon be launced are Greenbelt, UP Town Center, TriNoma, Ayala Malls The 30th, Market! Market!, Ayala Malls Vertis North, Alabang Town Center, Ayala Malls South Park, Bonifacio High Street and Ayala Center Cebu.