Gcash adopts Alipay’s cashless payments model
Globe Telecom Inc.’s mobile commerce subsidiary G-Xchange Inc. (GCash) is adopting the cashless payments model of Alipay, China’s leading third-party mobile and online payments platform, which is enjoying unprecedented success in China, India and the rest of Asia.
The move is intended to give people ease, convenience, and security when purchasing goods and services from lowly street vendors to high-end shops.
Alipay is operated by Ant Financial which earlier partnered with Globe and Ayala Corp. to boost the operations of Mynt, parent company of GCash mobile wallet service.
“I believe e-payments have a tremendous amount of potential in the Philippines given the continuous growth of smartphone penetration and the number of unbanked Filipinos. Only a very select group of Filipinos have access to financial services so we want to provide that access to them,” said Ernest Cu, president and CEO of Globe.
“Ant Financial is working closely with Mynt to bring digital financial inclusion to Filipinos. Imagine a day when you can just pick up your phone and pay using QR codes when you shop, buy tickets, buy food. We’re leveraging technology to provide that,” said Eric Jing, CEO at Ant Financial Services Group.
Aside from the scan to pay feature of the GCash App which was allows QR scanning to pay for goods and services, GCash customers can also use the app to cash in, top up their prepaid credit, borrow load, book movies, transfer money, and pay bills.
In China where Alipay started its operations, cash is becoming obsolete as people are doing away with paper money and coins to pay for about everything. Instead of cash, they use smartphones to scan QR codes – a type of barcode which includes the merchant’s information – and pay from their electronic wallet.