Philippines mobile wallet GCash eyes digital currency integration
A popular mobile wallet in the Philippines is looking at getting a slice of the digital currency pie. GCash, which serves over 40% of the population, believes that in order to cement its position as a disruptor, it needs to integrate one of today’s fastest rising technologies.
GCash is a product of Mynt, formerly Globe Fintech Innovations which is a wholly-owned subsidiary of Globe Telecom, one of Philippines’ largest telecom companies. The mobile wallet currently serves over 40 million Filipinos, allowing them to make quick and affordable payments.
In a recent interview, the company’s CEO Martha Sazon revealed that the company has been considering digital currencies for some time now. It intends to allow its users to easily buy, sell and store their digital currencies via its platform.
“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” Sazon said.
GCash, if it eventually integrates digital currencies, will be in good company. Several other larger mobile and web payment companies have dipped their toes in digital currencies as well. In the U.S., Square, PayPal and now Venmo have all integrated digital currencies. Digital challenger banks like Revolut in the U.K. and even stock trading platforms like Robinhood have also made it possible to seamlessly buy and sell digital currencies on their platforms.
Sazon stated, “Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps.”
In her interview with local paper the Philippine Star, Sazon said the company now serves over 40 million Filipinos. A third of them go beyond simple payments and have subscribed to at least one financial product, ranging from GInvest which allows them to invest for as low as P50 ($1.05) to GInsure, which offers them affordable insurance coverage.
Sazon concluded, “We will continue to innovate and provide relevant and accessible financial services for all.”
See also: CoinGeek Live panel, Better Payments: Improving the Consumer Experience with Bitcoin
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