MOBILE wallet GCash said cashing in using MasterCard or Visa bank cards will be charged with 2.58% convenience fee starting July 6, after its card payment partners imposed the new rates.
In a statement on Monday, Globe Telecom, Inc.’s GCash said the convenience fee will be computed and will reflect in the mobile wallet’s application for each transaction.
“The fee is a direct charge of payment partners,” it said.
GCash President and Chief Executive Martha Sazon also clarified that “GCash does not earn a single centavo from the direct charges implemented by our payment partners.”
With the new rates, the mobile wallet service said customers will have to pay P2.58 for every P100 that they cash in their GCash wallet.
It claims that the fee is still lower compared with other electronic wallet (e-wallet) services that charge a fixed rate of P30 for cash-in transactions worth below P1,000.
“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,” Ms. Sazon was quoted as saying.
It said users that do not want to pay the additional fee still have other options, such as cashing in through linked bank accounts with Bank of the Philippine Islands and UnionBank of the Philippines, Inc. through Instapay, which are both free of charge.
It said GCash users can also monitor their cash-in transactions via MasterCard and Visa bank cards.
“Even with this soon-to-be implemented minimal charges, GCash will continue to provide the best-in-class services that Filipinos have come to love over the past decade. We will continue to be more innovative and proactive in developing safe, secure, and affordable financial services and tools so that more Filipinos can maximize the benefits of digital finance,” Ms. Sazon said.
GCash reported last week that it saw its transaction volume jump by 700% from a year ago in May on the back of strong demand on digital services. — Beatrice M. Laforga