February 7, 2018
MoneyGram and GCash Drive Financial Inclusion in the Philippines
MANILA, Philippines, Feb. 7, 2018 /PRNewswire-HISPANIC PR WIRE/ -- MoneyGram (NASDAQ:MGI) and GCash, the mobile wallet and micropayment arm of Mynt, announced today a new partnership to drive financial inclusion in the Philippines. Millions of GCash users can now receive money from over 200 countries and territories on their mobile wallet and use the funds instantly for purchasing goods and services online.
This collaboration allows MoneyGram and Mynt to combine their capabilities in remittance and digital payments to provide their customers with user-friendly, rapid-response and low-cost money transfer services.
With over 30 million active smartphone users and growing internet penetration in the Philippines, the collaboration aligns with MoneyGram's strategy to offer consumers more digital money transfer options.
"As part of MoneyGram's strategic goal to drive financial inclusion worldwide, we continue to expand our online and mobile services making money transfer easier. The partnership with GCash provides a great opportunity to our customers, especially from remote, unbanked and underbanked Filipino communities to receive money conveniently," said Grant Lines, MoneyGram's Global Chief Revenue Officer.
"We're excited about our strategic partnership with MoneyGram. Now GCash customers can enjoy the convenience of receiving money from their families abroad directly into their GCash mobile wallet for free. With these funds they can buy load, pay bills, scan-to-pay using QR codes at the mall and much more. Plus, customers can enjoy exclusive incentives the more funds they receive in their GCash wallet," said Anthony Thomas, Chief Executive Officer of Mynt.
According to the World Bank, the Philippines is the world's third largest remittances recipient with $32.8 billion inflows in 2017, accounting for 9.9% of the country's GDP. Key sending countries are the U.S. ($10.5 billion), United Arab Emirates ($3.9 billion) and Saudi Arabia ($3.5 billion).
For more information about the service, please visit moneygram.ph.
About MoneyGram International
Yoly C. Crisanto