MoneyGram announced its partnership with GCash, the mobile wallet and micropayment arm of Mynt, in a move that promises to further improve financial inclusion in the Philippines.
Through the new united system, thousands of 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.
Convenience and ease at your fingertips
Between over 30 million active smartphone users and the growing Internet penetration in the Philippines, the collaboration between GCash and MoneyGram is a powerful strategy that aligns with MoneyGram’s 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. What’s more, the money they receive is readily available for purchasing goods and services online.
Of course, the service could be used literally by anyone – it’s easy, user-friendly and convenient. Directly impacted, however, are of course GCash users – around 1 million active users- providing a convenient solution for the 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 – can buy load, pay bills, scan-to-pay using QR codes at the mall and much more.
No hidden charges or extra steps
Yogesh Sangle, Head of Asia Pacific, Middle East and South Asia, explains that MoneyGram’s goal of equitable financial inclusion 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 supplies.
Providing customers with utmost convenience has always been one of MoneyGram’s thrust for its customers. And with the new partnership, it further reinforces its promise by providing customers access to their remittances, anytime, anywhere. All they need is a simple touch of a button on their GCash app.
After completing the KYC process via GCash app, a customer can receive money directly on the mobile wallet. This is additional, convenient channel for the customers in the Philippines to receive money their way.
Sangle also emphasizes that MoneyGram’s global reach, consisting of over 350,000 agent locations in over 200 countries and territories, provides the groundwork for this easily accessible and reliable service.
“Apart from sending money in person, customers can transfer funds to their families and friends online (from the U.S., the UK, Germany, France and Spain). 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). MoneyGram also provides the added value of compliance, having invested in a world-class compliance platform and the services of talented experts to strengthen the integrity of their services and enhance the security of customer transactions.”
Also, Anthony Thomas, Chief Executive Officer of MYNT quipped, “We’re excited about our strategic partnership with MoneyGram. Now GCash customers can enjoy the convenience of receiving money from their families abroad directly into their GCash mobile wallet. With these funds they can buy load, pay bills, scan-to-pay using QR codes at the mall and much more. Plus, customers can enjoy exclusive incentives the more funds they receive in their GCash wallet.”