Philippines’ third-party payment unicorn: in-depth analysis of GCash e-wallet

In the payment field of Southeast Asia, the Philippine e-wallet GCash is undoubtedly a shining star. In early 2021, GCash successfully raised more than US$175 million from Bow Wave Capital Management, a private equity fund in New York. The valuation after financing exceeded US$1 billion, making it a unicorn enterprise in the payment industry. This article will deeply analyze the functions, advantages and access of GCash to bring you a comprehensive understanding.

GCash: The Philippine version of "Alipay"

GCash is an e-wallet under the Philippine telecommunications company Globe, with technical support from Ant Financial. Especially in terms of payment technology, Alipay sent a team of more than 30 people to empower GCash at the beginning of the cooperation, bringing many perfect technologies and rich experience including Ant Data Platform, Alibaba Cloud's underlying facilities, Alipay's security, risk control models, etc. Even Jack Ma personally went to the Philippines to promote GCash, demonstrating the convenience of scanning merchant QR codes to pay.

Rich functions of GCash

GCash's functions are very similar to Alipay, covering bill payment, P2P lending, transfer business, merchant payment, and payroll, and even provides credit card services. Whether it is daily mobile phone recharge, utility bills, credit cards, government bill payments, or school tuition bills, they can all be easily completed through GCash. Its small loan function is even more important for Filipinos who have the habit of pre-consumption.

Advantages of GCash and the necessity of access

As the largest e-wallet in the Philippines, GCash already has 33 million users, equivalent to 30% of the Philippine population, and the growth rate is as high as 50% compared with previous years. In the field of Philippine e-wallets, GCash tends to be dominant and has amazing potential. Its deep technical support, rich functions, smooth experience and high payment success rate have won it a very good reputation among merchants and the public.

For companies going overseas to the Philippines, access to GCash is very necessary. It not only covers a wide range of online and offline business scenarios in the Philippines, but also allows the purchase of international products and services through the American Express card in the wallet, which is a function that most e-wallets do not have. Accessing GCash means reaching more Philippine users, improving the payment experience, and thus helping companies develop in the Philippine market.

How to access GCash

Accessing GCash can currently be achieved through third-party gateways, such as PayerMax. Third-party gateways integrate popular local payment methods and can solve all payment problems at one time. The payment process after access is also very convenient and simple: after the merchant accesses the PayerMax cashier, the user submits the order on the platform; select GCash at the cashier, click pay to proceed to the next step; fill in the mobile phone number, obtain the 6-digit SMS verification code, and then enter the 4-digit MPIN code to complete the login payment; payment is completed.

For merchants going overseas, realizing local payment is an urgent need. GCash is widely used, and it is very suitable for access in the e-commerce industry, live broadcast, games, online reading and other digital entertainment. If you want to know more about Philippine payment or are interested in accessing GCash, please contact PayerMax for more help and support.