Western Union and G-Xchange Inc. enabled consumers to receive Western Union international or domestic money transfers into their registered GCash wallets 24/7. Following an agreement between the two companies, Western Union’s cross-border platform was integrated with G-Xchange Inc.’s e-commerce platform to enable GCash users to direct money transfers into their GCash wallets around the world and from within the Philippines.
GCash is a micro payment service that transforms a mobile phone into a virtual wallet. Usage of GCash mobile wallets is high with unbanked consumers in the Philippines, as it lets them store, spend or cash-out as they wish.
“Western Union is delivering on our pledge to expand more digital and physical channels for money transfers to provide choice and more convenience for our customers,” said Bassem Awada, Western Union regional VP for Malaysia, Indonesia, Singapore, Philippines and Brunei. “Our collaboration with G-Xchange is inspiring and together we are advancing financial inclusion, a key objective of the Government of the Philippines.”
In line with the regulations of the Bangko Sentral ng Pilipinas, prior to the first use of the Western Union service, consumers are required to register on the GCash app and provide a valid ID for verification. After registration, consumers can conveniently receive Western Union money transfers into their GCash wallets by simply inputting the unique tracking number (MTCN). Consumers within minutes can receive up to USD500 per transaction (approximately Php25,000) or USD1,500 per day (approximately Php75,000), up to a maximum GCash wallet capacity of Php100,000 (approximately US$2,000).
