It is no secret that sending money from urban centers to the provinces is a massive part of the Filipino culture. People send money for various reasons, but majority of them are for allowances and their families’ daily needs.
Due to their popularity and the lack of banking facilities in the provinces, people flock domestic remittance centers such as pawnshops to send money to their loved ones in their hometowns. And with the demand for local remittance steadily growing, the lines in remittance centers likewise continue to become longer.
The 2019 Consumer Expectations Survey of the Bangko Sentral ng Pilipinas revealed that cashing out from remittance centers remain to be a pain point for most Filipinos due to very stringent processes and documentation needed that cause long lines that are often very inconvenient for many Filipinos.
But the days of physically going to a money remittance center, waiting in line for hours, and filling out paperwork may soon be over, as more and more Filipinos adapt to the digital lifestyle.
Today, leading the domestic e-money remittance market is GCash, the leading mobile wallet in the Philippines operated by Globe Fintech Innovations Inc. (Mynt).
“We are mindful of the pain points in the domestic remittance market. We see this as an opportunity for us to offer our game-changing products that provide greater value and convenience to Filipinos. With the GCash Send Money feature, we are providing our users with a simpler and faster alternative for transferring money,” GCash’s Chief Commercial Officer for Transfers Frederic Levy said.
Through the GCash app, Filipinos now have the option to transfer money for free to anyone, anywhere, and anytime. By simply downloading the GCash app, registering and funding the GCash wallet, an Aklanon local living in Metro Manila can now send money to his family in Aklan in just a minute.
There will be no need to fill out forms or line up in kilometric queues to send money. The transfer is done in real time through a secure and safe GCash platform.
GCash not only enables fast and free remittance, but it also allows the recipients to participate in the digital economy. Aside from sending and receiving money, GCash account holders can also create a savings account through GSave, or invest in a trust fund through Invest Money, or shop online, or top up their mobile accounts.
They can also use their GCash wallets or use their e-wallets to pay for physical transactions — for shopping for clothes, buying groceries, and purchasing movie tickets, among others.
“GCash believes that leveraging in our technological capacities is key to serving our purpose — our commitment to bring financial services to the underserved and unserved,” Levy said.