Numerous freelancers, entrepreneurs, and families that are relying on remittances from abroad have something to rave about these days. US-based financial services provider Payoneer has inked a partnership deal with GCash that makes it faster, cheaper, and more hassle-free to transfer funds from a Payoneer account into a linked GCash wallet.
Since September 30, 2020, Payoneer users have been able to transfer money from their accounts directly to their GCash accounts in real-time. The only requirement is to link the Payoneer and GCash accounts to enable such transactions.
“At Payoneer, our work is to encourage businesses to defy limits by making cross-border payments more inclusive,” said Miguel Warren, Payoneer’s Regional Head of South East Asia and Pakistan, and General Manager—Hong Kong. “Now that new lifestyle and habits change, we cater to our ever-evolving market by growing our services in partnership with GCash, allowing Filipinos to have more financial mobility, simply and safely from the convenience of their phones.”
Timely team up
This team-up is boosting Payoneer’s presence in the country, where it can now be easily accessed by over 20 million users of the most used local mobile wallet, GCash, along with 63,000 partner merchants. This paves the way for Payoneer users to enjoy innovative ways for bills payment, shopping, dining, and more activities.
The partnership comes at a time when the use of electronic wallets and online payment solutions rises due to the safety protocols implemented amid the new normal. Aside from consumers, freelancers, and MSMEs (those into digital commerce), other professionals are also expected to benefit from this alliance—among them business process outsourcing (BPO) workers.
How it works
Payoneer to GCash money transfers are free and are completed real-time. The foreign exchange rates applied are also more competitive compared to others. Daily transaction limitations are capped at P100,000, though there is a pending request with the Bangko Sentral ng Pilipinas to possibly increase the limit, according to Frederic Levy, Chief Commercial Officer of Mynt, the owner of GCash.
To start Payoneer to GCash fund transfer transactions, link your Payoneer account through the GCash app. Proceed to ‘My Linked Accounts,’ choose ‘Payoneer’ and click ‘Link Account.’ You will then be required to login to your Payoneer account within the GCash app. Input your One-Time-Pin and wait for the linking of accounts to be completed, which may take just several seconds. Take note that linking and transactions are allowed only for verified GCash accounts.