Tuesday, 26 January 2010

PHILIPPINES: Globe’s GCASH biggest remit network

Globe Telecom Inc.’s electronic wallet, GCash, has hauled in 1.2 million users to date, with an average transaction value of P5 billion a month in over 18,000 outlets all over the archipelago, making it the largest remittance network in the Philippines, claimed President and CEO Ernest L. Cu.

Expanding the GCASH network is a key strategy to the success of the business, he noted. Recently, the Bangko Sentral ng Pilipinas approved G-Xchange, Inc.’s request to use Globe Telecom’s Sub Distributors as GCash Outlets. With more outlets, Globe can lower the delivery cost of remittances, on top of providing easier access to financial services.

Distribution has always been a challenge in the geographically fragmented archipelago and 70-80 percent of the over 90 million population remaining unbanked or underbanked.
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