GCash, the mobile wallet of Globe Telecom Inc., said Tuesday it will start charging P5 in cash-in fee via its two major banking partners in the fourth quarter of 2023.
GCash president and chief executive Martha Sazon said, however, the fee would be “much lower” than the P25 that banks and other financial institutions usually charge for cash transfers.
“This also ensures that our operations will remain seamless for all customers,” Sazon said.
“Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos,” she said.
Sazon advised GCash users to take their expected spending into account when cashing in. “For example, you can cash in P10,000, rather than cashing in P500 every time. So plan your cash-in so you don’t feel the P5 charge as much,” she said.
GCash is set to charge a cash-in or convenience fee of P5 for every cash-in via linked BPI and UnionBank accounts. Cash-ins via linked bank accounts is one way to add funds to a GCash account.
It said over-the-counter cash-in is also available through cash-in machines, partner convenience stores, pawnshops, supermarkets, department stores, drug stores, gas stations, sari-sari stores and retail stores, among others.
Meanwhile, GCash waived fees for QRPH transactions for merchants until the end of 2023, giving micro-entrepreneurs extra earnings while using convenient cashless transactions. Other payment platforms charge up to 2 percent for QR-based or card payments.
GCash said it also continues to offer micro-merchants access to a wallet with a limit of up to P500,000 per month. GCash also waives the 1.5-percent transaction fee for up to P100,000 in gross sales.
GCash said it has been empowering 845,000 small-scale community merchants with various digital financial solutions.