GCash, a BSP-licensed e-money issuer which has over 40 million users is looking to follow Paypal’s move into offering, buying, selling and storing cryptocurrency.
GCash President & Chief Executive Officer Martha Sazon said in a report from PhilStar, “While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that.”
A move that could have a wider impact in the local crypto industry, it is important to note that locally-licensed virtual asset service providers (VASPs) like Coins.ph and PDAX allow their users to cash in and cash out of crypto using GCash. The process normally takes two steps – the crypto user deposits money to their GCash account, and then from GCash, the user sends their funds to the local exchange.
Filipino traders in international exchanges like Binance and OKEx can also leverage GCash on its Peer-to-peer (P2P) platform for payments and withdrawals. In P2P, the transaction is between the buyer and the seller and the transfer of money only happens between their GCash accounts, with the seller releasing the crypto to the buyer’s Binance account after payment is received on GCash. (Read More: Using GCash to Cash and Cash Out from Crypto Exchanges and Wallets)
According to Sazon, almost 40% of Filipinos now have a GCash account and a third of their app’s monthly active users is also subscribed to one of the app’s financial services & products.
In 2020, GCash heavily promoted the use of QR codes as a better way to securely send and receive money. The platform enabled over half a million social sellers to continue doing business transactions online because QR codes effectively decreases the need to do physical transactions and therefore, a lesser chance of spreading COVID-19.
GCash, Sazon said, has become more and more indispensable in the every day routine of Filipinos; normal usage has grown, with customers now using the app more than two times a day to pay for food or do online shopping. Filipino crypto users will have a more easy onboarding process should GCash decide to enable crypto purchases directly on the app.
This article is published on BitPinas: GCash Crypto? Globe Explores Adding Crypto on Mobile App