Corporate News

PayPal partners with Globe’s GCash

Posted on February 10, 2017

PAYPAL aims to tap more than a million freelancers and small businesses in the Philippines, as the digital payments leader partners with Globe Telecom, Inc.’s virtual wallet service, GCash.

From left to right, Globe Telecom CEO Ernest L. Cu, PayPal Pte Ltd. and Senior Vice President for Asia Pacific Rohan Mahadevan, PayPal Southeast Asia General Manager Rahul Shingal, GCash President and CEO Albert Tinio and Mynt President and CEO John Rubio pose for photos after the online payments giant announced its collaboration with GCash. COMPANY HANDOUT
Rohan Mahadevan, PayPal Pte Ltd. CEO and senior vice-president for Asia Pacific, said the company is looking to provide services to around 1.4 million to 1.5 million freelancers in the Philippines by the end of the year.

“And if you think about the population of the Philippines, about 1 1/2% of the [total] population is doing freelancing, that’s a large, large volume. So the faster we can actually help, the better it is going to be for everybody,” Mr. Mahadevan told reporters on the sidelines of the partnership launch.

On Wednesday, PayPal and Globe announced their collaboration, which allows freelancers and business owners of micro and small to medium-sized enterprises (MSME) to transfer and withdraw their PayPal funds with no additional charge once they link their PayPal and GCash accounts. They will be able to withdraw their funds within a day.

Previously, MSME business owners and freelancers who transfer their PayPal funds to their bank accounts can only withdraw these after a few days, and will be slapped with corresponding transfer and withdrawal fees.

“We’re looking at all part of the payments stream to see where we could partner with people, where we could preemptively do acquisitions and where we need to build things ourselves,” Mr. Mahadevan said.

PayPal General Manager for Southeast Asia Rahul Shinghal said they have partnered with Globe’s GCash as it already has the reach and scale.

For his part, Globe President and CEO Ernest L. Cu said the company wants to “bring a wholistic payment solution here in the Philippines for cashless solutions.”

“Our joint fight is against cash... It helps the economy hugely if people go cashless,” he added.

PayPal’s Mr. Shingal said there are plans to expand the service to other business segments, aside from MSMEs and freelancers. -- JMDS