Popular e-wallet service provider GCash is targeting to go live in 10 countries in the next year to reach out to more Filipinos overseas.
Oscar Reyes Jr., president and CEO of e-wallet operator G-Xchange Inc., told reporters last week they were working with the Bangko Sentral ng Pilipinas (BSP) to establish presence in more markets.
“We work closely with BSP to ensure that services, in their eyes, are [on a par with] and safe for our consumers in that market,” he said.
The company under the Globe Group hopes to secure regulatory approval in the next year.
According to Reyes, the company is targeting markets where overseas Filipino workers are, including Saudi Arabia, United Arab Emirates, Dubai and Qatar. GCash is also looking at Singapore.
GCash Overseas is currently available in Japan, Australia, Italy, Canada, United States and the United Kingdom. Users can download and use the app in said countries using international SIM (subscriber identity module) cards.
GCash Overseas is currently in the pilot testing stage. The full launch is expected this year.
This will eventually enable GCash users from outside the country to send money to their recipients in the Philippines for free. Other services include bills payment and load credit purchases.
As of the first quarter, GCash has 81 million registered users.
Reyes confirmed that an “insignificant” amount of accounts were deleted after the deadline of SIM card registration due to noncompliance. The actual number was not readily available.
An active SIM card is a requirement in opening a GCash account.
GCash recently introduced the Sakto Loan product, which allows users to borrow as low as P100 and up to P1,000. The loan is payable every fortnight, or when salaries are usually disbursed.
The financial technology company is offering the small loan product in response to informal lending, which is often predatory. INQ