Transferring funds in between banks used to be all sorts of inconvenient. Customers would have to waste time in line, or pay expensive transaction fees. Now, the nation's leading mobile wallet provider GCash has once again revolutionized the fintech scene by letting customers transfer funds from their GCash account to 30+ banks anywhere they are, anytime they want, and without the costs.
Done via the GCash App, customers can freely transfer funds from their GCash wallet to participating banks within seconds – BPI, BDO, MetroBank, and others, to name a few – as long as they have the account name, the account number of the receiver, and internet connectivity. This is offered by GCash at no extra charge to the consumer.
"This new technology from GCash and the Bangko Sentral ng Pilipinas allows customers to enjoy the freedom of being able to transfer funds conveniently with just their smartphone," said Anthony Thomas, President and CEO of Mynt. "GCash will change the perception that transferring funds to banks is time-consuming and expensive," he added.
Earlier this year, the Bangko Sentral ng Pilipinas developed InstaPay, a system under the National Retail Payment System (NRPS) framework that aims to unify all forms of electronic payments into a centralized real-time automated clearing house (ACH), allowing for faster and smoother inter-network transactions amongst financial institutions, including banks and electronic money issuers.
Getting a GCash account is easy. Users from all networks can download the GCash App for free from the App Store or from Google Play and sign up for an account.
To fund their GCash account, a user can cash-in via local Mastercard or VISA debit cards, InstaPay from bank apps that have the service available, and direct bank deposits with preferred banks. They can also visit over 16,000 GCash Partner Outlets nationwide, like 7-Eleven, SM Business Centers, Robinsons Business Centers, Puregold branches, and Villarica Pawnshop branches, and tell the cashier to cash-in to their GCash account. Cashing-in to a GCash account is free.
