Remittance firm MoneyGram has announced its partnership with GCash, the mobile wallet and micropayment arm of Globe Telecom?s fintech unit Mynt, to cater the huge market of 12-million overseas Filipinos.
Through a new unified system, GCash users can now receive money from over 200 countries and territories on their mobile wallet and use the funds instantly for purchasing goods and services online. After completing a KYC (know-your-customer) process via GCash app, a customer can receive money directly on the mobile wallet.
MoneyGram said its collaboration with GCash is a strategy that aligns with its goal to offer consumers more digital money transfer options. The MoneyGram services are especially beneficial for OFWs and their families, providing a convenient way to send remittances from all over the world.
According to POEA 2017 data, there are 12 million OFWs spread around the world, many of whom send a significant portion of their salary to their families back home.
The partnership with GCash eliminates the need for family members receiving this money to go to a MoneyGram location. They can directly receive any amount on their mobile wallet. Moreover, the money they receive is readily available for purchasing goods and services online.
Directly impacted, however, are GCash users who live in remote areas and those who don’t have an easy access to the financial system. MoneyGram’s services allow them to receive money directly to their mobile wallet and use it immediately to pay for goods and services ? to buy load, pay bills, scan-to-pay using QR codes in malls.
Yogesh Sangle, head of Asia Pacific, Middle East, and South Asia at MoneyGram, said the company envisions a world where financial services are not only accessible, but also free or available at minimum cost.
“Aside from convenience, MoneyGram ensures that there is no additional charge to use the service, although a standard charge applies for the transfer of money out of a user’s GCash wallet,” he said.
Sangle also emphasized that MoneyGram has a global reach consisting of over 350,000 agent locations in over 200 countries and territories.
“Apart from sending money in person, customers can transfer funds to their families and friends online (from the US, the UK, Germany, France and Spain),? Sagle said. ?In most of destinations with significant Filipino communities, they can also use an ATM or self-service kiosk to perform a transaction (such as 7-Eleven stores in Australia).”
Anthony Thomas, chief executive officer of Mynt quipped, “Now GCash customers can enjoy the convenience of receiving money from their families abroad directly into their GCash mobile wallet.”
To celebrate the new partnership, MoneyGram and GCash have launched a promotion that will run for three months starting March 1. New users will receive P200 for their first transaction with the new MoneyGram service powered by the GCash app.