Event Coverage

Jack Ma leads GCash app launch to PH retailers

By Nestor Domingo Jr - 6 Nov 2017

Jack Ma leads GCash app launch to PH retailers

alibaba, jack ma, gcash, glorietta, ayala, ayala malls, globe telecom, mynt, alipay, ernest cu, qr codes, greenbelt, trinoma, bonifacio high street, fintech

Alibaba Group Founder and Executive Chairman Jack Ma capped his visit to the Philippines by gracing the opening of Philippine retail to a new method of transaction that is called ‘e-payments’ at the launch of the GCash mobile app at the Cinema 4 of Glorietta 4 in Ayala Center, Makati City.

The formal unveiling was made as a result of Globe Telecom’s recent joint venture with Ant Financial and Ayala Corporation that aims to speed up the country’s digitization in order to make the lives of Filipino much easier. Ma was joined by the following executives during the formal launching event:  Ant Financial Services Group CEO Eric Jing, Ayala Corporation President and COO Fernando Zobel de Ayala, Globe President and CEO Ernest Cu, Ayala Land President and CEO Bobby Dy, and Mynt President and CEO Anthony Thomas.

“Imagine a day when you can shop and buy cinema, bus, and train tickets with a simple scan of your personal GCash QR code in your smartphone. The convenient daily life of 520 million Alipay users are enjoying will soon be realized in the Philippines. In the past months, Ant Financial has worked closely with GCash product of Mynt, as we are dedicated to bringing digital financial services to our friends in the Philippines. Technology is helping more people to enjoy the benefits of digital financial services in a cost-effective, efficient, and safe way. I hope we may share our technologies and experiences with our partner, helping them to better serve more local users," said Jing.

“We are thrilled to mark this special milestone with Mr. Jack Ma, and Mr. Eric Jing of Ant Financial — it goes without saying that we are very pleased to partner with Ant Financial, given their level of experience and expertise in this field. We look forward to innovating and evolving with the Filipino consumer, together. This day marks a special moment in the history of technology and payments in the Philippines — this launches the first broad application of such technology, and marks GCash as the leader in this space,” added Zobel de Ayala.   

Ayala’s partnership with the top Philippine telecommunications company and one of the world’s leading digital financial service providers is aligned with its recent strategic investments aiming to promote financial inclusion for the underserved Filipinos, creating new channels and access points that broaden payment and lending options for all, with meeting the people’s changing needs and accelerate the development of the country’s digital economy as a result.

Globe’s top executive admits the partnership is now starting to deliver results.

"We are happy to share the initial successes that will disrupt payment methods in the Philippines. In this country, only 5% of the population has credit cards, leaving almost everybody to carry cash all the time to pay for something. Today, we are introducing the third method of payment -- GCash.  We found the right partner and the right time to really scale up the business and change the way we use financial services,” said Cu.  “Now that more people are using data on their smartphones, the time is ripe to enable digital payments using the smartphone and let this go mainstream. Our challenge today is to make digital payments the preferred choice among our customers instead of cash or credit cards.”

With the launch of GCash, Filipinos can now experience the convenience of a cashless lifestyle. The newest payment option is a game changer for both consumers and merchants as it allows the former to pay for goods and services by simply using their smartphones to use the QR codes in the app’s scan-to-pay feature that are displayed by latter. On the other hand, business owners will also benefit from not having to install expensive machines as they are provided with a QR code sticker which buys can scan to pay by putting the exact amount and eliminates the need for coins or change.

Joining GCash in showcasing the future of payments in the country is the known retail innovator Ayala Malls, with Glorietta being the first to offer the payment system in many of its shops and restaurants as well as cinemas. The new cashless paying method will soon roll out to other Ayala Malls such as Greenbelt, TriNoma, Market! Market!, Alabang Town Center, Ayala Center Cebu, Bonifacio High Street, UP Town Center, Ayala Malls The 30th, Ayala Malls Vertis North, and Ayala Malls South Park.

GCash sees this solution not just for the organized trade but even for the ambulant vendors, too.

GCash is an internationally-acclaimed mobile wallet service of Mynt which can be used to buy load, pay bills, send money, and pay for goods and services whether online or offline.