fintech

Ayala Corp. goes cashless with GCash Powerpay+

Ayala Corp. (Ayala), one of the oldest and largest conglomerates in the Philippines, has adopted GCash’s Powerpay+ disbursement platform to disburse incentives to its employees at the parent company.

Powerpay+ is a bundled funds disbursement facility that allows companies to pay out salaries, commissions and allowances more conveniently and securely to people by crediting funds directly to employees’ GCash accounts. It provides the flexibility to disburse scheduled or recurring payouts and is easily accessible via mobile phone. GCash is operated by Mynt, a partnership among Globe Telecom, Ayala Corp. and Ant Financial.

Mynt CEO Anthony Thomas also emphasized the added security and convenience that are innate to e-wallets. He says that with a digital format, “you have a trail, you have the ability to send out money for any purpose. Payroll is one, but incentives, reimbursements, agent commissions — all these needs are taken care of through an enterprise interface which allows you to pay instantly, and even small amounts, making it very efficient.”

Like the rest of GCash’s 20 million users, Ayala employees have been using the platform to accomplish daily tasks like buying prepaid load, paying bills online, booking movie tickets, sending money to other GCash accounts and traditional bank accounts, and transacting with over 50,000 QR-enabled merchant partners nationwide. GCash also offers GSave, which gives the highest savings rate in the country and requires no minimum balance, and GCredit, which uses alternative credit scoring models to provide microloans.

At Ayala’s 2019 Annual Stockholders’ Meeting last April, Jaime Augusto Zobel de Ayala, chair and CEO, Ayala, said the company is undergoing a massive transformation to ramp up the digitalization of its companies, as this was key to propelling the company into the future.

Zobel emphasized that the corporation, with business interests in real estate, banking, telecommunications, water, power, infrastructure, industrial technologies, health care, and education, has started “to participate in digital businesses that we believe are disruptive. These investments are designed to complement our group’s traditional brick-and-mortar operations, future-proof our existing portfolio, and broaden the digital experience of Filipinos.”

“We spend significant time studying other markets that are in the advanced stages of digital maturity and we have teams constantly looking at emerging trends and technologies,” Zobel added. “Absorbing and learning from these experiences, we have become more deliberate in our own digital transformation journey and have elevated it into a group-wide strategic agenda.”

Aside from enjoying the benefits of going digital, Thomas said GCash users also contribute to Philippine environmental sustainability efforts through GCash Forest, a feature within the app that computes how transactions are done via GCash help the environment. The app computes one’s carbon credits, which upon hitting a predetermined target will re

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