GCash Launches GoPay, Philippines’ 1st Mobile Money QR Payment
Paves the way for cashless ecosystem
Public Company Information:
Leading mobile money service provider GCash launched the nation’s first QR payment via smartphone, a move that is expected to change the landscape of how Filipinos usually pay for their purchases.
Dubbed as “GoPay,” it is the newest feature within the GCash app that allows customers to use their GCash account to pay for goods and services by simply scanning QR codes displayed by merchants and establishments. For the consumers, this eliminates the hassle of bringing money, waiting for change, or getting into misunderstandings over payments. Merchants, on the other hand, would no longer need expensive machines to process mobile money transactions but only QRs with a unique code that is linked to their GCash wallet.
By making QR codes available to anyone, even to ambulant vendors and sari-sari store owners, GCash will be paving the way for a cashless society that results to faster, more convenient, and secure transactions for both merchants and consumers.
"Our goal has always been to make finance more inclusive by building a cashless ecosystem. GoPay QR payments solution will close the loop and drive merchants accepting GCash payments. We plan to extend this service from all types of retailers nationwide down to our favorite fishball vendor," said John Rubio CEO and President of Mynt, a subsidiary of Globe Telecom dedicated to developing payments solutions using GCash.
JM Aujero, Mynt Merchant Acquiring Head added: “With GoPay QR, consumers don't even need to bring cash when they go shopping or when they eat out. It is the best option for people who do not want to use credit cards but are either wary of having cash with them due to safety reasons or just want the convenience that mobile money offers.”
To use GoPay, a customer with an iPhone or an Android smartphone just needs to download or update to the latest version of the GCash app, register for an account, and fund GCash wallet at any of over 12,000 GCash partner outlets nationwide. Once done, the customer has to open the GCash app and swipe left on the page. The GCash app will bring up the phone’s camera, at which point the customer has to “scan” a partner store’s QR code and enter the amount to be paid.
GoPay will be rolled out within the next few weeks at select partner stores. Its introduction is in line with the thrust of Ant Financial, the parent company of Alipay and strategic partner of Mynt, to accelerate financial inclusion and upgrade payment services in the Philippines. Alipay popularized QR code payments in China.