GCash, Paypal in remittance tieup-A A +A
Monday, May 24, 2010
GLOBE GCASH, the fastest growing mobile wallet service in Asia, yesterday said it is offering more opportunities for customers in the United States to remit funds to the Philippines.
The new service will allow US PayPal users to transfer funds to GCash registered Globe or TM mobile phone in the Philippines through the GCash Online website.
According to the World Bank’s Migration and Development Report, worldwide remittance levels reached $316 billion in 2009 and are expected to increase by 6.2 percent in 2010 and 7.1 percent in 2011. An estimated 10 million Filipino migrant and contract workers remit $17 billion annually.
“By using PayPal, we are closer to our vision of lowering the cost of domestic and international remittances through Globe’s mobile network which has increasing presence on the Internet,” said G-Xchange Inc. president Rizza Maniego-Eala.
“We’re thrilled that GCash has integrated PayPal into their offering to allow people in the US to send money with ease and convenience to friends and families in the Philippines,” said Farhad Irani, vice president of PayPal Asia Pacific.
For money transfers via the GCash Online website, PayPal account holders in the US will only have to enter the recipient’s GCash registered Globe or TM number in the Philippines and the amount they wish to send. They will then be directed to their PayPal account to review and confirm their transaction. Once done, recipients in the Philippines will be notified through a text message on their mobile phone. The funds will automatically be credited to the GCash wallet of the receiving party, who has the option to cash out the amount at any of the 18,000 GCash outlets nationwide or use the funds to buy load, pay for their bills or make purchases from online or retail merchants. (PR)