Mobile money provider GCash has added "Bank Transfer" feature to its menu of services, allowing users to go for GCash-to-bank and bank-to-GCash transactions for free and in real time.
GCash says mobile technology could provide the key to digital opportunities to the majority of Filipinos who don?t have access yet to the formal banking system.
Done via the GCash App, customers can transfer funds for free from their GCash wallet to participating banks -- BPI, BDO, MetroBank, and others -- as long as they have the account name, the account number of the receiver, and Internet connectivity.
Users of GCash have only to select GCash as their preferred mode of payment, linking their GCash registered mobile number and tap one button to confirm their payment.
The project will enable residents to pay various barangay fees (barangay clearance, barangay ID, local certificates and permits) electronically when they scan to pay at QR codes using the GCash app.
Cashless transactions or electronic payment ratio in the Philippines have reportedly improved to as much as 10 percent in the first quarter of this year compared to just 3 percent three years ago.
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 registration, consumers can receive Western Union money transfers into their GCash wallets by simply inputting the unique tracking number (MTCN).
