Digital payment firm GCash has announced that its card payment partners will start charging a convenience fee of 2.58% for cash-in via MasterCard or Visa bank card services starting July 6, 2020. The fee is a direct charge of its payment partners, GCash said.
The convenience fee will be computed and will be stated in the GCash app for each cash-in via bank card transaction. For instance, a customer cashes in P100 in his GCash wallet. The convenience fee would be P2.58, for a total amount of P102.58 charged to the card.
GCash stressed that the fee is still lower than other mobile wallets, which charge a flat rate of P30 for cash-in transactions below P1,000. GCash said it still provides other cash-in methods that are free such as cash-in via linked BPI or UnionBank accounts or through a bank app or website powered by InstaPay.
“We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners,” GCash president and CEO Martha Sazon said.
GCash account holders that cash-in via their MasterCard or Visa bank cards may check their transaction histories on the GCash app or may download their transaction histories through their nominated e-mail addresses.