Cash In from GCash to Visa/Mastercard Will Be Charged 2.58%
The card payment partners of GCash will charge a minimal convenience fee of 2.58 percent for cash-in via MasterCard/VISA bank card services starting July 6, 2020. The fee is a direct charge of payment partners.
The convenience fee will be computed and will be stated in the GCash app for each cash-in via bank card transaction. For instance, a customer cashes in P100 in his GCash wallet. The convenience fee would be P2.58, for a total amount of P102.58 charged to the card.
The fee is still lower than other mobile wallets, which charge a flat rate of P30 for cash-in transactions below P1,000. GCash also provides other cash-in methods that are totally FREE, such as cash-in via linked BPI or UnionBank accounts or through a bank app or website powered by InstaPay.
“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. We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners,” GCash President and CEO Martha Sazon said.
GCash account holders that cash-in via their MasterCard/VISA bank cards may check their transaction histories on the GCash app or may download their transaction histories through their nominated e-mail addresses.
“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,” Sazon said.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
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