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BSP Approves Local E-wallet GCash’s Overseas Expansion

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E-wallet giant GCash has recently received a green light from the Bangko Sentral ng Pilipinas (BSP) to expand globally. This approval will allow the platform to operate and conveniently conduct money transfers in and out of the Philippines in 10 additional countries. 

GCash Overseas Expansion

In addition to the six countries where the e-wallet already operates, the expansion of GCash services will encompass the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, Qatar, South Korea, Taiwan, Singapore, Hong Kong, Spain, and Germany.

Overseas users can now send money for free (GCash-to-GCash), pay bills, and instantly purchase load credits with minimal effort on the app.

The platform also stated that it will soon introduce additional services such as savings options, gift vouchers, utilizing GCash for online payments, and enhancing accessibility for cashing in.

Currently, Gcash is already accessible in beta versions in the United States, Canada, Japan, Italy, Australia, and the United Kingdom.

List of Countries for GCash Overseas

  1. United States
  2. United Kingdom
  3. Japan
  4. Canada
  5. Australia
  6. Italy
  7. United Arab Emirates*
  8. Spain
  9. Taiwan*
  10. Germany*
  11. South Korea
  12. Saudi Arabia*
  13. Kuwait*
  14. Qatar*
  15. Singapore*
  16. Hong Kong*
  17. South Korea*
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* These are countries where the BSP recently approved GCash to operate.

How to Register in GCash Overseas

  • Step 1: Select the corresponding country.
  • Step 2: Enter the information needed. 

Note: Users can use their international numbers.

  • Step 3: Set MPIN.
  • Step 4: Prepare a Philippine passport or any Philippine-issued ID for scanning to verify the account.
  • Step 5: Enroll in facial verification.
  • Step 6: Input additional information and apply.
  • Step 7: Wait for SMS confirmation.

Previous initiatives for overseas access

In October, the platform collaborated with Visa to launch the GCash Card, providing unbanked Filipinos access to payment cards. These cards enable ATM withdrawals domestically and internationally, functioning akin to conventional bank accounts.

In 2022, Gcash was made available in South Korea, Japan, Singapore, and Malaysia through a partnership with Ant Group’s Alipay+. This collaboration offers Filipino users a seamless payment experience across these countries, with access to over 1 million merchants highlighting the benefits, including real-time forex, no service fees, and various promos and discounts within the app.

Recent GCash News

This month, GCash and Axie Infinity revealed their partnership to elevate the web3 gaming experience for Filipinos. The collaboration will introduce a dedicated on-ramp and off-ramp portal on GCash’s GCrypto platform to facilitate secure cryptocurrency transfers from Axie’s ecosystem and streamline the conversion of in-game currencies to fiat money or Philippine pesos within the GCash app.

Last month, it was disclosed that internal preparations are in progress for GCash’s upcoming initial public offering (IPO), with the timing dependent on market conditions. 

This article is published on BitPinas: BSP Approves Local E-wallet GCash’s Overseas Expansion


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