New GCash Feature Makes you Transfer Funds in Minutes for Free
Just until recently,
it was still true to say that doing fund transfers were simple in idea but
relatively time-consuming to do and fulfill. Customers used to and in most cases
still are falling in line in banks to do bank to bank or even interbank fund
transfers, spending precious hours to do so. Now, this could all be history
thanks to a new GCash feature: free fund transfers.
The nation’s leading mobile money service GCash have fully
rolled out its fund transfers service, allowing customers to transfer funds
from their GCash App to any of the over 30 banks supported nationwide. Thanks
to this feature, fund transfer times have been virtually reduced to zero and
paper wastes eliminated, as it will only take less than 3 minutes to complete a
transfer transaction digitally.
Philippine fund
transfer services are notorious for having exorbitant fees and antiquated paper
processes, the former of which depends on a certain percentage of the money
you’re transferring or a fixed fee, with a turnaround time depending on the
volume of people per bank or money transfer service branch.
With GCash, all a
customer needs are smartphone, funds in their GCash account, and the bank
details of the account they’re transferring funds to. Once these are inputted,
they can just sit tight and relax as the continuation message arrives on their
device. This service also allows for transfers anywhere in the Philippines
where there is data connectivity present. The app also is open to use for all
networks. be it Globe, Smart, Sun, Talk n’ Text, or TM.
Fund transfers are an
integral part of the Philippine financial ecosystem. It’s widely used for
sending money for personal purposes such as for family needs, bills payments,
or even paying online sellers for products ordered on social media platforms.
The Bangko Sentral ng Pilipinas expects the nation to have at least 20% of its
financial transactions to be made electronically by the year 2020. This
includes banks and Electronic Money issuers (EMIs) which GCash is classified
under.
“Fund transfers used
to be a long, bogging process where customers wiil just wait for their turn on
the cashier just to have money delivered onto another account. With GCash’s new
feature, over 15 million customers can now transfers funds to more than 30
banks for free, and without taking hours,” said Anthony Thomas, President and
CEO of Mynt. “This convenience, combined with all the services available in the
GCash App, makes for a perfect all-in-one financial tool for all Filipinos. It
also ties back to GCash’s mission of financial inclusion in the Philippines,”
he added. Mynt is the operating company of GCash.
GCash, for its fund
transfer service, utilizes the InstaPay platform initiated by the Bangko
Sentral ng Pilipinas. It is an “Electronic Fund Transfer (EFT) service that
allows customers to transfer funds almost instantly between accounts of
participating BSP-supervised banks and non-bank e-money issuers in the
Philippines.”
Getting a GCash
account is easy. Just download the GCash App for free from the App Store or
from Google Play and sign up for an account. Alternatively, you can look for
@gcashofficial on Messenger and sign up.
To fund their GCash
account, a user can visit over 16,000 GCash partner outlets nationwide, like
7Eleven, SM Business Centers. Robinsons Business Centers, Puregold branches,
and Villarica Pawnshop branches, and tell the cashier to cash-in to their GCash
account. Cashing-in to a GCash account is free.
0 comments