GCash Backs BSP in Providing Digital Payments Solutions to Grassroots Merchants
GCash, the leading mobile wallet in the Philippines, is making strides in fulfilling the country’s goal of developing e-payments at the grassroots level, as it empowers micro-entrepreneurs and small enterprises to transact with customers through their mobile phones.
Aside from huge mall establishments, quick-service restaurants, and supermarkets, GCash has also empowered the simple sari-sari store and tricycles to make digital transactions via GCash’s QR.
This initiative, seen to revolutionize and transform the way Filipinos transact every day, is supportive of the Bangko Sentral ng Pilipinas’ (BSP) goal of creating a more inclusive society through a cashless revolution.
“We are one with the BSP in concretizing our shared vision of spurring cashless transactions in the Philippines to make it easier for merchants and consumers to transact with one another. We are committed to continuously elevate this by developing more products and services that are fit for the needs of our valued partners,” GCash President Anthony Thomas said.
GCash QR uses the best-in-class technologies that provide merchants with a fast, reliable, secure, and convenient way of accepting payments. By transacting through mobile phones, GCash QR removes the need for point-of-sale terminals, maintenance, and manual cash sweeping.
Aside from benefiting largely from the huge customer base of GCash, merchants can also set up their business QR payments facility for free. GCash also provides business partners with periodic reports to oversee the performance of their stores.
Today, there are about 34,000 micro-entrepreneurs onboard the GCash QR technology, and 1,800 small and medium enterprises (SMEs) using the GCash as a mode of payment.
These merchants include the vendors of the Marikina Public Market, the tricycle drivers of Boracay Island, and the sari-sari stores of Semirara Island, among others.
Just recently, BSP Governor Benjamin Diokno said the central bank is envisioning a future where digital payments through transaction accounts will be part of the Filipino consumer culture.
Going cashless, he said, benefits both merchants and consumers, as it removes the need for bringing cash, reducing the risk of theft, improving cash handling processes, and provide lower administrative and overhead costs.
Diokno also said the central bank is now targeting to increase the share of non-cash transactions to 30 percent from the original 20-percent goal by 2020. “Our support for the government’s initiative for a more cashless Philippines remains steadfast, and we at GCash are committed to taking this a step further by creating more innovative financial solutions that will ultimately bring us closer to our goal of providing finance for all,” Thomas said.