Digital entrepreneurs, freelancers, and small business owners in the Philippines can now access global clients and be paid in foreign currencies, mobile wallet GCash announced on Wednesday as it partnered with United States-based financial services company Payoneer.
“In this pandemic, where people have been forced to stay at home and accelerated the adaption of the digital lifestyle, GCash has been a lifeline to the Filipinos,” said Martha Sazon, president and CEO of Mynt, the company behind GCash.
With Payoneer, Sazon said GCash users will now be able to accept international payments in 150 different currencies in their e-wallet applications starting in October.
“A service that is made for digital entrepreneurs, online sellers, or freelancers, GCash users will now be able to accept international payments. With just a few taps on the app, you get easy access to these funds instantly. And of course, most importantly, it’s free,” she added.
“If you don’t have a Payoneer account yet, you can register inside the GCash app. No bank accounts are needed. As you simply need a fully verified GCash account to register. Users can access their payment balances on the go and cash in instantly and most importantly, with zero withdrawal fees,” said William Yap, manager, GCash Digital Transfer Solutions.
GCash is a Bangko Sentral ng Pilipinas-regulated mobile money service that lets users buy load, purchase items, send and receive money, and pay bills. It has 20 million users all over the country.
Payoneer, a foreign digital money transaction provider, said the partnership will help Filipino online entrepreneurs to collect their payments “seamlessly” by transferring money from their Payoneer accounts directly into their GCash accounts.
“We are eager to grow their global businesses. We have now brought Payoneer, the best platform for global business, and GCash, the best platform for the Philippines, together, bringing the most unique and powerful solutions for you to manage your business and manage your money,” Payoneer CEO Scott Galit said in a virtual launch.
“Payoneer customers do not need to go to banks to cash in their payments which is more convenient especially now that we are still under quarantine,” Galit added.
All fully verified GCash users will be able to register, link, and cash in via Payoneer within the GCash app by the end of the month, the local e-wallet said.
Payoneer has approximately 1,200 employees and serves over four million customers in 14 offices around the world. It became available for use in the Philippines and later opened offices in Manila in 2009.