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GCash to adopt Alipay cashless payments in the Philippines

By Yrda Veanssa Sy Fernandez - on 17 Nov 2017, 3:04am

GCash to adopt Alipay cashless payments in the Philippines

At present, seven out of ten Filipinos are unbanked, while nine out of ten do not have access to formal credit. This situation has something to do with the popularity of cash payments in the country. GCash is a cashless mode of payment simply by scanning the QR code at the partner store of GCash, whether you’re buying food, clothes, or shoes. GCash customers can also use the app to cash in, top up their prepaid credit, borrow load, book movies, transfer money, and pay bills.

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 to give people ease, convenience, and security when purchasing goods.

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“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 has access to financial services so we want to provide that access to them. Part of financial services is cashless payments. It has taken off in other countries like China and India where people have realized its value because of the convenience and security that it provides ‒ merchants and buyers don’t have to prepare change, e-money cannot be easily stolen, payments can easily be tracked, among other things,” said Ernest Cu, Globe President and CEO.

China has adopted to cashless payments as Alipay started its operations. Cash is becoming obsolete as people use smartphones to scan QR codes, a type of barcode that includes the merchant’s information, and pay from their electronic wallet. A similar trend is happening in India with Paytm, India’s largest digital wallet with a goal of reaching 500 million by 2020.