Empowered
by its vision of financial inclusion, GCash, operated by Globe Fintech
Innovations Inc. (Mynt), takes another leap towards the realization of its vision
by bringing its financial services to far off sites like Semirara Island. Located
at the southern tip of Caluya, Antique, Semirara Island was almost untouched by
development with lush vegetation, sandy beaches, and clear skies backdropping
the beautiful people of the area.
As
such, the closed island is only equipped with a single bank and six automated
teller machines, serving over 19,000 residents that are heavily dependent on
cash. Communities of workers would struggle to avail basic financial services,
such as sending money to their families or even buying prepaid load for their
cellphones. Individuals would have to allot time and effort to do something as
menial as withdrawing cash to buy basic commodities, such as food, groceries or
clothing items.
“We
immediately identified the limited availability of financial services as one of
the key pain points to address. We immediately tailor fitted our solutions to
help bring greater inclusion to the residents of the island," Luigi Reyes
Vice President for Enterprise at GCash, said. Semirara Mining and Power Corp.
(SMPC) tapped GCash to provide cashless solutions and as well as salary
disbursement mechanisms for the island.
GCash
then introduced GCash PowerPay+ to serve as a compliment to the company’s
existing payroll system. Over 3,000 employees are now able to receive funds
directly through their GCash accounts.
GCash
is the first digital wallet to launch partnerships with firms for seamless
reimbursement of employee expenses, these include salaries, loans or
allowances. GCash PowerPay+ can be used as an automated salary disbursement
mechanism, where employees are given real-time payments. Individuals can
withdraw their funds from BancNet ATMs in the country.
Along
with this, they have access to countless digital financial products from GCash,
ones which can be used for digital payments, remittances, credit, investments,
and even insurance.
"SMPC
has also allowed us to enable QR payments in commissaries, food court, and wet markets,
allowing for ease and convenience of doing daily transactions through GCash
scan to pay," Reyes explained.
With
its integration, around 60 percent of SMPC employees now purchase load through
GCash and 15 percent utilize the application to send remittances to their
family members or loved ones.
With
this, the app's send-to-bank feature -- its membership to the central bank’s
InstaPay -- prove its worth, helping outsourced employees. With just their
smartphones, they can manage their finances remotely through GCash. GCash
continues to fulfill its vision by partnering with companies and communities in
need of digital finance.
“GCash
has helped SMPC employees by providing alternative and convenient ways to avail
of financial services through digital, in-app products, making it easier for
them to do day-to-day transactions which would normally take a lot of time and
effort to do,” Reyes said.
GCash
has also introduced new and easy ways to avail of basic financial services
through Invest Money, GCredit, and GSave, “effectively enabling their
aspirations through financial inclusion,” he added.
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