Money transfer firm MoneyGram has joined forces with GCash, a micropayment service operated by Filipino fintech firm Mynt, to support financial inclusion in the Philippines.
Through GCash, consumers can convert their mobile phones into virtual wallets and use them to purchase prepaid load, pay bills, transfer money, make donations, shop online, and purchase goods without cash.
The partnership with MoneyGram will enable GCash to receive money from more than 200 countries and territories on their mobile wallet.
Mynt CEO Anthony Thomas said: “Now GCash customers can enjoy the convenience of receiving money from their families abroad directly into their GCash mobile wallet for free. 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.”
According to World Bank, Philippines is the third largest remittances recipient worldwide. The country received $32.8bn of inflows in 2017 and has over 30 million active smartphone users.
MoneyGram global chief revenue officer Grant Lines added: “The partnership with GCash provides a great opportunity to our customers, especially from remote, unbanked and underbanked Filipino communities to receive money conveniently.”