GCash cash-in via MasterCard, Visa to be charged 2.58 percent convenience fee


Posted at Jun 30 2020 08:59 AM

MANILA — Mobile wallet GCash said its partners would charge a 2.58-percent convenience fee for cash-in transactions through MasterCard and VISA bank card services from July 6. 

The fee "is a direct charge of payment partners", which will be computed and stated in the GCash app for each cash-in via bank card transaction, it said in a statement. 

"For instance, a customer cashes in P100 in his GCash wallet. The convenience fee would be P2.58, for a total amount of P102.58 charged to the card," said GCash. 

The fee is still lower than other mobile wallets, which charge a flat rate of P30 for cash-in transactions below P1,000, it said. 

Other cash-in methods are free, including those linked to BPI or UnionBank accounts or through a bank app or website powered by InstaPay, GCash said. 

"We at GCash have always provided the most convenient, safe, and affordable financial services in the country. We aim to keep it that way despite the recent increases in charges implemented by our card payment partners," GCash President and CEO Martha Sazon said. 
"We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners," she added. 
GCash account holders that cash-in via their MasterCard/VISA bank cards may check their transaction histories on the GCash app or may download their transaction histories through their nominated e-mail addresses. 

Globe Fintech Innovations Inc, which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.