Achieving business success extends beyond a robust business plan, top-tier products, and a skilled team; it hinges on a well-crafted business strategy. Amidst these considerations, the choice of customer payment methods emerges as a pivotal aspect. The selection of optimal payment methods isn’t just a mere detail; it wields significant influence on the overall success and growth trajectory of a business. Making informed decisions about customer payment methods holds paramount importance because it:
One industry trend growing exponentially is digital payments.
Among Southeast Asian nations, the Philippines stands proudly as a frontrunner in harnessing the power of digital payments to fuel its economic dynamism. According to the Bangko Sentral ng Pilipinas (BSP) 2023 Report on E-Payments Measurement, digital payment transactions in the Philippines have seen a notable increase, rising from 42.1% of total monthly retail payments in 2022 to 52.8% in 2023. Additionally, Statista projects that the total transaction value will grow at an annual rate (CAGR 2024-2028) of 8.91%, reaching an estimated US$61.41 billion by 2028.
GCash is at the forefront of the digital payment frontier in the Philippines. With an impressive user base exceeding 66 million registered individuals and over 5 million merchants and social sellers as of June 2022, GCash has seamlessly woven itself into the financial fabric of the nation. The vigor of its influence is evident as 29 million users actively engage with the platform daily, propelling transactions to an astounding gross transaction value (GTV) of Php 3 trillion in the initial half of 2022 alone.
Also Read: The Future of eCommerce & Digital Payments in Asia
The architect behind this monumental success story is Mynt, a remarkable joint venture forged by the dynamic partnership of Ant Group, Ayala Corporation, and Globe Group. Mynt’s ascent to the prestigious “double unicorn” status in November 2021 marks a significant milestone. The first feather in their cap comes from propelling from a startup with a value below $1 billion, while the second, an impressive $300-million equity deal, solidifies their position as a true powerhouse in the financial technology domain.
GCash emerged as an industry trailblazer by introducing its pioneering mobile app back in 2012. This pivotal move marked a seismic shift, heralding an era of unparalleled convenience for users navigating financial transactions. Gone were the days of grappling with labyrinthine codes and typing out cumbersome keywords. With the advent of the GCash app, users wielded the power of seamless transactions at their fingertips. From bill payments to fund transfers and account reloads, these pivotal actions metamorphosed into effortless taps on a smartphone screen.
GCash’s ingenuity surged even further with the introduction of its QR code-based payment service. This innovative feature seamlessly integrated into the app elevated the user experience to new heights. By harnessing the power of QR codes, GCash ushered in a realm of frictionless transactions, transcending the boundaries of traditional payment methods.
With 5 million merchant partners, the virtuosity of GCash’s reach isn’t confined to a single industry but dances dynamically across sectors. From the bustling aisles of retail havens to the bustling kitchens of gastronomic delights, GCash’s reach extends its transformative touch to supermarket chains, food establishments, and pharmacies alike. The allure of convenience transcends even into transportation, entertainment, and the medical sphere.
Becoming a GCash merchant partner is a gateway to a dynamic ecosystem of transformative commerce. Seamlessly integrating GCash into your business amplifies reach, enhances customer experiences, and positions you at the forefront of innovation. Beyond transactions, this partnership unlocks a realm where adaptability meets advancement, propelling your business into a new era of growth and seamless transactions.
GCash Merchant is tailored for business owners. This ingenious service enables all GCash users to breeze through payments using their e-wallet balance by scanning the merchant’s QR code. The QR function of GCash lets merchants keep tabs on sales effortlessly. Plus, it brings automatic payment transfers to their bank accounts, streamlining their financial flow. GCash Merchant is not just about payments; it’s about making life smoother for businesses and customers.
Take these steps to be a GCash Merchant:
For Individual or Sole Proprietorship
Submit:
For Partnership and Corporation
Submit:
Fully-accomplished GCash Application Form
Bank Account Documentation (such as a passbook or bank statements
Branch Enrollment Form (BEF)
Agreement on Implementation
Signed GCash KYC Form
Photocopies of:
The application process takes between 7 to 14 business days.
As an entrepreneur, your core mission revolves around delivering value to your customers. Enabling them to shop and transact effortlessly provides you with a strategic edge. By streamlining the shopping and payment process, you’re empowered to concentrate your energies on amplifying the quality of the products and services you provide. This dynamic synergy ensures that your business’s offerings remain at the forefront of excellence while customer interactions flourish with seamless convenience.
As a GCash Merchant, sole proprietors get these advantages:
GCash Merchant partnerships and corporations will enjoy these benefits:
As a GCash merchant, the synergy between your services and payment gateways is paramount. Incorporate GCash as a payment option on your website or mobile app, using Brankas' Open Finance technology to simplify the purchasing journey for your valued customers. Harnessing the power of the Open Finance technology not only streamlines payment processes but also opens up a world of financial possibilities for your business.
While the integration process may require a touch of technical finesse, the dividends of a frictionless payment experience are immeasurable. Here’s where Brankas steps in as your ally. With Brankas by your side, navigating the technical intricacies becomes a breeze. Our expertise in Open Finance technology ensures that your GCash integration is executed seamlessly, catapulting your business toward enhanced customer satisfaction and operational efficiency. Plus, with our innovative product, Direct Payments API platforms can effortlessly integrate GCash, further simplifying the process and unlocking even more possibilities for your business.
According to the World Bank’s 2021 Global Findex Database, 1.4 billion adults globally do not have access to formal financial services (unbanked). The main reasons are lack of money, the distance to the nearest financial institution, and insufficient documentation. These challenges are precisely what open banking is trying to address.
A McKinsey article by Guillaume de Gantes, Hernan Gerson, and Kristine Romano states that 44% of the Philippine bankable population was unbanked in 2021. This exclusion from the formal financial system poses numerous challenges for individuals and communities. It hinders their ability to save, invest, and secure loans for various needs.
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