Globe GCash taps PayPal for US remittance service
By Mary Ann Ll. Reyes (The Philippine Star) Updated May 27, 2010 12:00 AM
MANILA, Philippines - Globe’s GCash, the fastest growing mobile wallet service in Asia, announced yesterday that it is offering the PayPal service to provide more opportunities for customers in the United States to remit funds to the Philippines.
The new service will provide a secure, convenient and affordable way for US PayPal users to transfer funds to GCash registered Globe or TM mobile phone in the Philippines through the GCash website (www.globe.com.ph/gcashonline).
According to the World Bank’s Migration and Development Report, worldwide remittance levels reached $316 billion in 2009 and are expected to increase 6.2 percent in 2010 and 7.1 percent in 2011. An estimated 10 million Filipino migrant and contract workers remit $17 billion annually.
“By using PayPal, we are closer to our vision of lowering the cost of domestic and international remittances through Globe’s mobile network which has increasing presence on the Internet. The PayPal platform expands our capability and reach to the US, complemented by the significant growth of our GCash outlets in the Philippines , bringing our remittance services closer to our customers,” G-Xchange Inc. (GXI) president Rizza Maniego-Eala said.
GCash is an internationally-acclaimed micro-payment service which transforms a mobile phone into a virtual wallet for secure, fast, and convenient money transfers at the speed and cost of a text message. Globe Telecom’s wholly-owned subsidiary GXI pioneered the revolutionary model of a cashless mobile commerce and is a pillar in m-commerce.
GXI noted that the industry is moving online remittance to mobile phones, which provide strong multiple layers of security, absolute convenience, and very affordable fees compared with leading remittance companies.
Meanwhile, PayPal Asia-Pacific vice president Farhad Irani explained that PayPal’s value proposition is to offer consumers a safer, easier, and more convenient way to pay online. “We’re thrilled that GCash has integrated PayPal into their offering to allow people in the US to send money with ease and convenience to friends and families in the Philippines,” he added.
PayPal is the faster, safer and easier way to pay and get paid online. Available in 190 markets and 24 currencies, PayPal is a global leader of online payment solutions, with over 78 million active accounts worldwide.
PayPal was founded in 1998 and was acquired by eBay in 2002. Its main headquarters is located in San Jose, California. In 2007, PayPal established its international headquarters and technology development center in Singapore.
For money transfers via the GCash website, PayPal account holders in the US will only have to enter the recipient’s GCash registered Globe or TM number in the Philippines and the amount they wish to send. They will then be directed to their PayPal account to review and confirm their transaction. Once done, recipients in the Philippines will be notified through a text message on their mobile phone. The funds will automatically be credited to the GCash wallet of the receiving party who has the option to cash out the amount at any of the 18,000 GCash outlets nationwide or to use the funds to buy load, pay for their bills or make purchases from online or retail merchants.