- A new collaboration between the two big cash transfer names will mean that Payoneer customers in the Philippines can access GCash services to settle bills, pay for goods and place transactions.
- Businesses will also benefit from the new arrangement, which comes against the backdrop of the coronavirus pandemic and a thriving local demand for remittances on the ground in the Philippines.
- “At Payoneer, our work is to encourage businesses to defy limits by making cross-border payments more inclusive,” said a senior figure at the company.
Two big names on the online money transfer scene in the Philippines have paired up to provide customers with new payment service opportunities.
Payoneer, which is a digitalised cash transfer company, will work alongside the mobile wallet provider GCash for the new service.
The product will focus on ‘global to local’ payment flows, and will primarily benefit customers of Payoneer.
It will permit them to pay in new ways at the more than 60,000 merchants and providers in GCash’s network.
GCash also has more than 20 million customers of its own – meaning that online money transfers for users in the Payoneer network will now be easier.
While some of the benefits – such as an improved ability to settle up for important household bills – will lie in the consumer arena, the firms are also hoping to improve processes for those in the business-to-business sector.
Smaller firms will also be able to use the new service and will enjoy better transaction processing as a result.
Press reports suggested that the service will be particularly well received due to the context of the ongoing coronavirus pandemic.
Users of international money transfer services in the Philippines have experienced similar social distancing measures as seen in other countries – meaning that face-to-face cash transactions have been harder.
The Philippines is one of the world’s most popular remittance locations.
According to figures compiled by the World Bank, the country has seen remittance flow levels of just under US$700bn per year in some recent years.
In a press statement, a senior figure at Payoneer pointed to the benefits that businesses would derive from the new offer.
Miguel Warren, who heads up and manages the firm’s operations in South East Asia, Pakistan and Hong Kong, said that financial inclusivity would be boosted.
“At Payoneer, our work is to encourage businesses to defy limits by making cross-border payments more inclusive,” he said.
He used the partnership as an example of how his firm was adapting to the changing context posed by the pandemic.
“Now that new lifestyles and habits emerge, we cater to our ever-evolving market by growing our services in partnership with GCash, allowing Filipinos to have more financial mobility, simply and safely from the convenience of their phones,” he added.
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