Remittance firm Western Union and G-Xchange have linked up to allow consumers to receive international or domestic money transfers into their registered GCash wallets.
Following an agreement between the two companies, Western Union’s global cross-border platform was integrated with G-Xchange’s e-commerce platform to enable GCash users to direct money transfers into their GCash wallets from almost anywhere around the world and from within the Philippines.
“We want to offer the best services to Filipinos abroad and their families in the Philippines,” said Anthony Thomas, CEO of Mynt, the Globe Telecom unit that operates G-Xchange.
GCash is micro payment service that transforms a mobile phone into a virtual wallet for fast and convenient money transfers, as well as to purchase goods, pay bills, buy airtime load, and donate.
Usage of GCash mobile wallets is high with unbanked consumers in the Philippines as it lets them store, spend or cash-out as they wish.
“Our collaboration with G-Xchange is inspiring and together we are advancing financial inclusion, a key objective of the government of the Philippines,” said Bassem Awada, Western Union regional vice president for Malaysia, Indonesia, Singapore, Philippines and Brunei.
In line with the regulations of the Bangko Sentral ng Pilipinas, prior to the first use of the Western Union service, consumers are required to register on the GCash app and provide a valid ID for verification.
After registration, consumers can receive Western Union money transfers into their GCash wallets by simply inputting the unique tracking number (MTCN).
Consumers within minutes can receive up to $500 per transaction (approximately P25,000) or $1,500 per day (approximately P75,000), up to a maximum GCash wallet capacity of P100,000 (approximately $2,000).