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Globe- Mobile technology fuels alternative payment solution in PH(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 14 August 2014 Release date- 13082014 - Even at its infancy stage, mobile commerce is showing some great potential in the Philippines, on the back of the burgeoning mobile phone penetration among Filipinos. Since its inception in year 2000, mobile penetration has surpassed the 100 percent mark to stand at 112 percent by the end of 2012, which implies that majority of Filipinos own more than one phone. According to a CGAP-GSMA study, mobile penetration grew from 3% to 68% over the last 5 years due to the increasing accessibility and affordability of smartphones. Emerging markets are becoming more open to mobile payments that the use of digital wallet is now seeing gradual acceptance among Pinoys, who are now taking the advantage of finding and paying for their goods using their mobile handsets and devices. Aside from this, several factors have also contributed to the explosion of mobile penetration and the introduction of mobile financial services in the country. These include the widespread use of text messaging, high demand but low access to formal financial services, size of the overseas worker community, the growing remittance industry, and the acceptance of debit/credit card payment system in local businesses. These opportunities led G-Xchange, Inc., a wholly-owned subsidiary of Globe Telecom, to introduce the revolutionary model for mobile payments, GCash, which transforms a mobile phone into a virtual wallet for fast, easy, and secure money transfers. 'Since GCash's launch in 2004, we have seen how it revolutionized mobile commerce in the Philippines and gave more Filipinos access to financial services, specifically money transfers, backed up by a safe and convenient platform. GCash constantly explores mobile technologies to provide innovative services to fit our consumer's ever-changing needs.' says Paolo Baltao, G-Xchange, Inc. President. Over the last decade, major cash transactions including bills payments, cash-in/cash-out as well as domestic and international remittances are now made easier and faster through GCash. GXI aggressively grows user base by offering new products and services such as Globe Charge which can turn any mobile phone into a credit card facility; Globe PowerPay+, a funds payout service which is being offered to various companies. Through PowerPay+, employees of partner companies may withdraw their salaries from any of the 13, 000 ATMs and more than 6, 000 GCash outlets nationwide; and GCash American Express Virtual Pay which is a prepaid virtual card connected to a user's GCash mobile wallet that lets users shop online conveniently from both local and international sites that accept American Express as mode of payment The government is also playing an important role in the adoption of mobile money in the country. GCash recently expanded its services by partnering with local government units to accelerate their competitiveness by streamlining their business and licensing systems through greater use of technology. GCash teamed up with the local governments of Quezon City, Valenzuela City and Batangas City under the United States Agency for International Development's Scaling Innovation through Mobile Money (SIMM) project to provide residents a platform to settle their payments of real property tax and business and construction permits. Other GCash services include the purchase of airtime load without visiting an outlet, sending of money to other GCash subscribers and donation to partner institutions such as the Red Cross in a hassle-free manner. To date, GXI now has over to 2 million users worldwide who are now able to enjoy the platform for money transfer. For more information about GCash, visit www.globe.com.ph/gcash. (c) 2014 Electronic News Publishing - |