By Espie Angelica A. de Leon
GCash users who shop online and work with freelancers will find the mobile money service provider’s latest feature, the GCash Bank Transfer, a great payment platform.
GCash Bank Transfer widens the mobile banking options of users by letting them transfer funds from their GCash wallet to the bank or from the bank to their GCash wallet in real time.
This is perfect when sending money to a relative or friend, depositing money to one’s bank account straight from his GCash wallet and vice versa, or paying an online seller or freelancer for a product purchased or service rendered.
Users can make a GCash-to-bank and bank-to-GCash transaction for free, in less than three minutes using their smartphones.
In contrast, traditional banking requires customers to go to a brick and mortar bank facility. Though some banks in the Philippines are open on weekends, most of them are open only on weekdays.
Bank customers in the country also have to contend with daily traffic. Upon reaching the bank, they also often have to wait for their turn at the teller which may take several minutes. All these factors eventually disrupt their schedule.
With GCash Bank Transfer, the customer’s schedule remains intact because he doesn’t have to squeeze several minutes or hours into his busy day by beating the traffic and waiting in line at the bank to deposit cash.
He can stay at home, in his office, at the mall or the gym and make the transaction in less than three minutes using his smartphone. Not only does he remain productive and experience less stress during the day; he also gets to fulfill his financial obligations to the people he works with or buys from.
Fund transfer also becomes possible during holidays when many banks are closed.
Since the new GCash feature allows users to take control of their time, fund transfer becomes faster, easier, and more convenient.
To help deliver this service, GCash has signed up 37 banks nationwide. Among them are the Bank of the Philippine Islands, BDO, Metrobank, Landbank, Security Bank, Union Bank, Philippine Veterans Bank, RCBC, and other leading institutions in the country.
Smaller and rural banks are also included like Sterling Bank of Asia, Sun Savings Bank, UCPB Savings Bank, Yuanta Savings Bank, Dungganon Bank, and Partner Rural Bank in Cotabato, among others.
The unveiling of GCash Bank Transfer, which is powered by InstaPay of the Bangko Sentral ng Pilipinas, is timely and practical as the popularity of online shopping continues to grow.
Meanwhile, the number of freelancers in the Philippines continues to rise while freelancing and crowdsourcing marketplaces mushroom in the Internet. E-commerce and the gig economy are indeed alive and well in the present times, calling for more flexible payment methods.
By leveling up the banking experience, GCash Bank Transfer addresses the needs and requirements of online sellers and freelancers particularly where payment is concerned.
To avail the service, users must link up their bank account with GCash and then cash in to GCash. After doing these, they may easily transfer money to the bank as well as non-bank e-money issuers in the Philippines. GCash may be used with Globe, TM, Smart, Sun, and Talk and Text networks.