Gcash and Paypal today just announced their partnership with an innovative digital payment method, freelancers and business can now avail a faster and more convenient way to withdraw their PayPal Funds.
The demand for immediate cash access is growing worldwide and the Philippines isn’t going to be left behind. With the growing internet penetration in the Philippines, individual freelancers and business owners can now avail same day transfer of their Paypal earnings to their Gcash account.
According to Globe CEO Ernest Cu, this will solve the problem of financial inclusion for individuals. Paypal’s world famous payment method and Gcash’s e-wallet platform will enable anyone to get their hard earned money as fast as possible.
Transfer of Paypal balance to Gcash with no withdrawal fees and gain access to their funds within 24 hours. Once transferred to the Gcash account, owners can withdraw using their Gcash Mastercard or via 12,000 Globe Partner Outlets (GPOs) nationwide. Additionally, Paypal ensures that their transactions are protected and secured, they have a great reputation of assuring customers their payment method.
This beats the traditional method of having their Paypal earnings transferred to a local bank account which takes several days to be processed. Not to mention the hassle of going to your bank to withdraw or deposit.
The financial arm of Globe Telecom, Mynt mentioned that only 5% of the population have access to a bank account. This hinders the potential of individuals or small business owners to expands and capture bigger opportunities. Their ultimate goal is to provide a digital-based financial service using your mobile phone and make it even cheaper than traditional methods.
Yugatech CEO Abe Olandres, one of the early adopters of PayPal in the Philippines explained his advantages utilizing the service.
According to Abe, this closes the loop and pain points of a Paypal user with better last mile experience.
Overall the goal of this partnership is to unlock the potential of anyone utilizing Paypal with faster transfers, easier money access and a secure payment method for individuals and business owners.