Collaboration between GCash and PayPal allows MSMEs and freelancers to transfer and withdraw their available PayPal balance with zero withdrawal fees
MANILA, PHILIPPINES – PayPal, a global leader in digital payments, and GCash, an internationally acclaimed micro payment service provided by Globe, announced today their collaboration to provide freelancers and businesses with a faster and more convenient way to withdraw their PayPal funds.
Micro and small to medium-sized enterprise (MSME) business owners and freelancers can now transfer and withdraw their PayPal funds at no additional charge by simply linking their PayPal accounts to their GCash accounts. Funds can then be withdrawn from their GCash account within a day
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With growing internet penetration and high mobile engagement in the Philippines, more Filipino mobile users are quick to adopt and embrace new mobile technology and services. Globe Telecom’s mobile wallet service GCash complements PayPal’s global reach by providing MSMEs and freelancers the platform to receive payment from overseas and withdraw funds locally via a MasterCard branded card. The collaboration between GCash and PayPal thus provides an efficient solution customized to place more financial control into the hands of MSME business owners and freelancers by providing quicker access to their cash flow and capital.
Traditionally, MSME business owners and freelancers who have transferred their PayPal funds to their bank accounts may only be able to withdraw their funds after several days. They may also be charged corresponding transfer and withdrawal fees. Through this partnership, customers will be able to transfer their available PayPal balance at zero withdrawal fees and gain access to their funds within 24 hours.
“PayPal has always been a strong supporter of freelancers and MSMEs. We help them gain access to over 200 markets via our global platform, and we provide them with a truly global, end-to-end solution by collaborating with strong local payment partners such as GCash. This solution with GCash will provide our Filipino customers with a quicker and more convenient way to withdraw and utilize payments received from overseas,” said Dr. Rohan Mahadevan, CEO for PayPal Pte Ltd and SVP for PayPal Asia Pacific.
By linking their PayPal account to their GCash account, users are now able to access their balances through the GCash app. Users can then transfer their available PayPal balance to their GCash account and withdraw it through their GCash MasterCard at over 20,000 BancNet ATMs located across the Philippines and over 12,000 Globe Partner Outlets (GPOs) nationwide within the same day
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“We look forward to expanding our reach to provide FinTech to the users of both PayPal and GCash,” said Albert Tinio, President & CEO of G-Xchange Inc. (GCash). “We know that the footprint of local MSMEs in the digital economy is continuously expanding, and we understand the needs and demands of our customers. Given this, we knew that embarking in this partnership is a true testament to our commitment in making businesses flourish,” Tinio added.
As part of the collaboration, in the upcoming weeks GCash and PayPal will be giving away free GCash MasterCards to customers who make a funds transfer from their PayPal account to their GCash account. To redeem the free GCash MasterCard, users will need to go to GCash stations within select SM outlets. Stay tuned to GCash’s FB page for further details when the promo becomes officially available.
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