GCash waives transaction fees for small merchants
MANILA -“Sari-sari” store owners, public market vendors, online sellers and other micro-merchants utilizing GCash as a payment solution platform can use the app for free until the end of the year in line with the Ayala Group’s goal to support the digital economy.
In a statement, the mobile wallet solutions provider said it would waive the transaction fees for micro-entrepreneurs using the scan-to-pay service beginning this month until the end of the year. Among the fees waived include a 1.5-percent transaction fee for gross sales up to P100,000.
“For GCash, making this service free means micro-entrepreneurs can earn a little extra for their families through safe cashless transactions. We are committed to working with our micro-entrepreneurs to achieve their business goals in the digital economy,” G-Xchange president and CEO Oscar Reyes said.
GCash currently has 845,000 small-scale entrepreneurs.
“We are one with the Bangko Sentral ng Pilipinas, in its goal of bringing more micro-merchants into the digital economy. Together with our partners, we will equip micro, small and medium enterprises with the right tools and products so they can grow their businesses safely and conveniently,” Reyes added.
The platform, which is available in 13 countries, provides a suite of financial products including savings, lending, investments and insurance.
It has extended credit to over 3 million borrowers, majority of which are from low-income households.
Earlier this year, the popular e-wallet brand fully rolled out “DoubleSafe” Face ID to prevent hackers from illegally taking over accounts.
The feature is activated for every first login to a new device. It is backed by facial recognition, which prevents hackers from accessing the account even as users are tricked into giving their mobile PIN and one-time PIN.
This came after GCash early this year dealt with several complaints of unauthorized transactions due to phishing attacks.