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Friday, March 29, 2024

Globe adopts Alipay

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Globe Telecom Inc. said GCash is adopting the cashless payments model of Alipay, China’s leading third-party mobile and online payments platform, which is enjoying unprecedented success in China, India and the rest of Asia to give people ease, convenience and security when purchasing goods and services.

Alipay is operated by Ant Financial which earlier entered into a joint venture with Globe and Ayala Corp. to boost the operations of Mynt, parent company of GCash mobile wallet service.

“I believe e-payments have a tremendous amount of potential in the Philippines given the continuous growth of smartphone penetration and the number of unbanked Filipinos.  Only a very select group of Filipinos have access to financial services so we want to provide that access to them,” Globe president and chief executive Ernest Cu said.

“Part of financial services is cashless payments.  It has taken off in other countries like China and India where the people have realized its value because of the convenience and security that it provides — merchants and buyers don’t have to prepare change, e-money cannot be easily stolen, payments can easily be tracked, among other things,” he said.

About seven of 10 Filipinos are currently unbanked while nine of 10 do not have access to formal credit.  This situation has led to the popularity of cash payments in the country. 

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