The world has long been made smaller by interconnectivity. Advancements in technology have significantly improved the ways through which people can reach out to their loved ones amid physical distance.
However, not everyone is onboard when it comes to financial services. As a matter of fact, a financial inclusion survey held by the Bangko Sentral ng Pilipinas showed that as of 2017, only 22.6% of the total adult population (or about 15.8 million Filipinos) own a formal bank account. Those who do not have an account cite not having enough money, or absence of documentary requirements as among their reasons for being unbanked.
The central bank also notes of a large gap between urban and rural areas in terms of bank account penetration but use of e-money is slightly higher in rural areas.
The BSP survey also found that remittance agents "are overwhelmingly used by Filipino adults in sending money to and receiving money from other people". The central bank also sees opportunities for greater financial inclusion enabled by digital technology.
To deliver financial services right at customers' fingertips around the world, MoneyGram partnered with GCash to further grow its digital channels in the world’s third largest remittances receive market. This comes after the launch of direct receive service.
"The collaboration with GCash aligns with our strategy to provide user-friendly, rapid-response and low-cost channels to send money across borders," said Alex Holmes, MoneyGram’s chairman and chief executive officer.
Customers only need a valid Philippine mobile number to be able to sign up for the service. They can do this wherever they are – at home, at work, or even in a park. They can start receiving money directly transferred their mobile wallet as soon as they complete the KYC process via the GCash app.
Funds can be sent through MoneyGram online or at any MoneyGram branch around the world to reach a GCash mobile wallet in minutes. Money will be deposited into the mobile wallet in Philippine peso. The receiver will get an SMS notification of every incoming money transfer and will be able to use funds instantly for purchasing goods and services online or paying bills.
Through this, there is no need for the sender or receiver to be away from work or school, nor do they have to endure queues for financial transactions.
More information about the service can be found at moneygram.ph.
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online or through a mobile device, at a kiosk or in a local store, MoneyGram provides consumers the means to connect with one another conveniently and efficiently. MoneyGram also provides bill payment services, issue money orders and process official checks in select markets.
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