GCash Contributes To The Digital Economy By Connecting Merchants People, And Government

The first half of 2020 saw significant changes in the way people conduct business. The global epidemic pushed national governments to create a new normal for their countries, with technology serving as the primary vehicle for doing so.

This significant upheaval in the digital landscape is projected to become the new normal when the entire planet is put on lockdown. In the local context, Hootsuite and We Are Social’s latest Digital 2020 April Statshot study revealed that mobile connections accounted for 159 percent of all connections, and 73 million individuals, or more than half of the country’s population, were online in January 2020 alone.

People have resorted to their connected gadgets to adjust to the new way of life and to find a sense of comfort among the worry brought on by the epidemic. Travel and restrictions, as well as quarantine regulations, have had a significant impact on people’s overall digital activity.

The halt in on-the-ground economic activities was a devastating blow to firms of all sorts. Using social media for marketing and taking use of the country’s robust digital ecosystem to create profit or just breakeven is the only thing saving some businesses from going bankrupt. Because of the pandemic, e-commerce penetration is projected to skyrocket.

The Philippines has one of Asia’s sharpest declines in human mobility, with an 82 percent drop in the use of retail and recreation facilities such restaurants, shopping malls, and movies. Lockdowns and quarantines, on the other hand, encouraged online customer activity, according to a Maybank analysis from April 2020. As restaurants’ dine-in options become less viable, more food businesses are turning to food delivery services like GrabFood and Foodpanda, among others.

GCash is also helping to drive the digital economy in the Philippines by acting as a payment gateway between retailers and consumers during COVID-19.

“GCash has long campaigned for a transition away from cashless transactions, even before the pandemic. GCash Head of Payments Jovitt Bajar said, “Now more than ever, we are eager to collaborate with the national government to define a new normal for the financial industry in order to spare the economy from the consequences of a full-fledged recession.”

Financial technology will not only assist in the resolution of the current economic crisis. More crucially, e-wallets like GCash may be used to automate payments, reducing human touch and preventing the spread of COVID-19. Because money exchange cannot be avoided even in the event of a global epidemic, making digital transfers the norm will help to flatten the curve while also boosting enterprise.

GCash has done the same for its subscribers and clients, allowing them to transact with online businesses in a straightforward manner. GCash allows Filipinos to conduct business as usual from the comfort of their own homes, whether it’s paying bills, shopping online, or making bank transfers. Frictionless payments, such as those offered by mobile digital finance, eliminate the health concerns associated with handling currency. For Filipinos, now is the best moment to consider cashless payment methods for their transactions. In the Philippines, GCash has become a popular method of payment. GCash wallets can be used to pay for physical transactions in 70,000 merchants across the country, in addition to being used as a digital payment facility for internet transactions.

Consumers can shop for groceries at GCash partner Puregold or for on-the-go requirements at convenience store chain 7/11, both of which accept Scan-to-Pay (STP) via Barcode payments. Customers can use the STP by Barcode by creating a unique barcode in their GCash apps and having the cashier scan it with the scanner guns.

“It’s no longer just an issue of convenience. As we emerge from the crisis, we must put our clients’ safety first,” Bajar stressed.

As long as quarantine rules are followed in the Philippines, the need for safer alternatives is greater than ever.

“How it will be integrated into daily life remains to be seen, but given the country’s overall behavior, e-commerce will play a significant role in the post-COVID situation. As a result, we at GCash are constantly partnering with new retailers and billers in order to connect consumers, merchants, and even the government,” Bajar explained.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is one of the portfolio firms of 917Ventures, Globe Telecom Inc.’s wholly-owned corporate incubator in the Philippines.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.