Globe G-Cash transactions hit P3B mark

G-Xchange Inc. (GXI), the mobile commerce subsidiary of Globe Telecom, said mobile phone banking transactions coursed through G-Cash hit P3.6 billion in 2010, up 50 percent from P2.4 billion the year before, on the back of a steady increase in more rural banks using mobile commerce to serve more clients in the countryside.

Speaking before the 58th annual national convention of the Rural Bankers Association of the Philippines (RBAP), Globe head of international and business markets Gil Genio said mobile commerce would continue to grow as rural banks increase the adoption of technology to deliver financial services to unbanked and under-banked areas.

Last year, rural banks coursed almost 700,000 transactions via G-Cash. These ranged from bills and loan payments to bank deposits and remittances. The transaction volume was up 27 percent from 2009.

“Mobile phone banking has been proven to be an efficient technology solution for lower-income segments, especially those living in the countryside with no access to banks. By pioneering the mobile phone banking services in partnership with the Microenterprise Access to Banking Services, we are able to offer deposit, withdrawal, loan payments, payroll disbursements and remittance services to rural bank clients with just the use of a mobile phone and the speed of a text message,” Genio said.