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Globe GCASH hits P3-B mark in mobile phone banking transactions in 2010

G-Xchange, Inc (GXI), the mobile commerce subsidiary of Globe Telecom said that mobile phone banking transactions coursed through GCASH hit P3.6-Billion in 2010, up 50% versus P2.4-Billion the year before, on the back of a steady increase in more rural banks utilizing mobile commerce to service more clients in the countryside.


Speaking before the 58th Annual National Convention of the Rural Bankers Association of the Philippines (RBAP), Globe’s Head of International and Business Markets Gil Genio, said that mobile commerce will continue to grow, as rural bank increase adoption of technology to deliver financial services to unbanked and under-banked areas in the Philippines.


Last year, rural banks coursed almost 700,000 transactions via GCASH. These range from bills and loans payment to bank deposits and remittances. The transaction volume is up 27% from 2009.


“Mobile phone banking has been proven to be an efficient technology solution for lower income segments, especially those living in the countryside with no access to banks. By pioneering the mobile phone banking services in partnership with the Microenterprise Access to Banking Services (MABS), we are able to offer deposit, withdrawal, loan payments, payroll disbursements, and remittance services to rural bank clients with just the use of a mobile phone and the speed of a text message,” Genio said.


For the past six years, GXI has partnered with RBAP and the MABS Program, which aims to provide financial services to thousands of customers in the countryside via mobile phone banking technology. To date, RBAP’s MABS program has more than 70 partner banks totaling more than 1,000 branches nationwide. In this six-year span, Globe GCASH has served more than P8-Billion in mobile phone banking transactions.


RBAP, GXI and MABS have been working to develop and rollout mobile phone banking services that allow clients of rural banks to complete banking transactions, such as  microloan payments (Text-A-Payment or TAP), bills payment (Text-A-BillPayment or TAB), making deposits (Text-A-Deposit or TAD) or withdrawals (Text-A-Withdrawal or TAW), sending or receiving domestic or international remittances (Text-A-Remittance or TAR), and salary disbursements (Text-A-Sweldo or TAS)—using only their mobile phones via the GCASH platform. In 2007, GXI further increased the portfolio of financial services of rural banks by making them payout partners for domestic and international remittances coursed through GCASH REMIT, the international cash pick-up remittance service of GCASH. Last year, Globe launched its first-ever customizable ATM cards for GCASH, which gives withdrawal access to thousands of Automated Teller Machines (ATMs) nationwide.


Globe’s Head of International and Business Markets Gil Genio: “Growth has been consistent with the biggest jump in 2010 when we delivered more than P3-billion worth of mobile phone banking transactions—another milestone in the history of mobile phone banking.”


Filed under: Globe Telecom News

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