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Business

GCash to charge convenience fee

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Card payment partners of mobile wallet GCash will charge a minimal convenience fee of 2.58 percent for cash-in via MasterCard/Visa bank card services starting July 6.

GCash said the convenience fee, which is a direct charge of payment partners,  will be computed and will be stated in the GCash app for each cash-in via bank card transaction.

The fee is still lower than other mobile wallets, which charge a flat rate of P30 for cash-in transactions below P1,000, according to the company.

GCash said it also provides other cash-in methods that are free, such as cash-in via linked BPI or UnionBank accounts, or through a bank app or website powered by InstaPay.

“We at GCash have always provided the most convenient, safe, and affordable financial services in the country. We aim to keep it that way despite the recent increases in charges implemented by our card payment partners,” GCash president and CEO Martha Sazon said.

“We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners,” Sazon said.

GCash is operated by Globe Fintech Innovations Inc., which is part of the portfolio companies of 917Ventures, the largest corporate incubator in the country wholly owned by Globe Telecom Inc.

Last week, GCash announced it is upsizing the wallet limit of its users by linking their bank accounts or debit cards to their GCash wallets.

Upsized wallets will have a hold up limit of P500,000 per month.

GCASH

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