GCash gets BSP OK to go global, pilots in three countries

MANILA, Philippines — E-wallet giant GCash has secured the approval of the Bangko Sentral ng Pilipinas (BSP) to offer its financial technology services abroad even for users without a Philippine SIM.

GCash yesterday announced that its app can soon be accessed abroad with a foreign SIM after it received authority from the BSP to start the beta launch of GCash Overseas.

As such, GCash becomes the first and only local e-wallet that allows users with non-Philippine SIM to avail of its financial services, from sending money to topping up load.

GCash president and CEO Martha Sazon said the pilot run of GCash Overseas would be made in Australia, Italy and Japan for only the first 1,000 users with an international SIM.

The beta mode will run for a limited time and the full version will be launched later this year.

Sazon said GCash wants to serve in particular overseas Filipino workers (OFWs) remitting cash to their families here in the country. Once they verify their account, they can send money home for free for as long as they are done GCash to GCash.

In the process, OFWs no longer need to pay transfer fees to cover for the remittance of cash.

Also, OFWs may use GCash for financial services that usually require them to leave the house, such as the payment of utility bills and the purchase of load credits.

“GCash continues to make a difference in Filipinos’ lives by making financial services easier and more accessible to its 76 million-strong registered users,” Sazon said.

“With around 10 million Filipinos living abroad, we want them to also be able to take advantage of GCash services even as they use international SIM. As more people put their trust in GCash, we strive to remove more barriers and create a better experience for all,” she added.

For 2023, GCash plans to speed up its international expansion with the target of competing with e-wallets here and abroad. For one, GCash hopes to build on its tie-up with Alipay, the cashless payment platform of Jack Ma’s Alibaba Group.

Likewise, GCash may be used as a payment option in select merchants across Asia, including in Japan, Malaysia, Qatar, Singapore and South Korea.

Moving forward, the e-wallet leader plans to grow its presence outside of Asia by expanding its existing markets in Europe like France, Germany, Italy and the UK.