Building trust key to boosting financial technologies in PH: Globe CEO

Jessica Fenol, ABS-CBN News

Posted at Jul 31 2019 04:30 AM | Updated as of Jul 31 2019 08:07 AM

The challenge now is to get Filipinos to trust digital innovations such as the scan-to-pay cashless payment system introduced by GCash a few years ago, a Globe executive says. File/Mark Demayo, ABS-CBN News

MANILA—Building trust in technologies will boost the growth of digital financial solutions in the country, Globe Telecom president and CEO Ernest Cu said Tuesday, amid Filipino's skepticism on "anything new." 

Now that the country has faster internet speed and high smartphone penetration, GCash operator Mynt "stepped on the gas" to grow its mobile-wallet services, Cu said during a meet-a-greet arranged by Go Negosyo and Angat Lahat sa Digital Alliance. 

The challenge now is to get Filipinos to trust digital innovations such as the scan-to-pay cashless payment system introduced by GCash a few years ago, Cu said. 

"Anything new in the Philippines is very difficult to launch. That's why we have COD (cash on delivery) they want to know if it's going to be what they ordered," Cu said 

"It’s actually quite interesting because people know their prepaid, know their telco accounts and everyday they put money there, albeit small amounts, and they know it's not going to get lost but it’s hard to build that trust in the Philippines. We’re working very hard to built their trust that their money will not get lost."

Cu said people just need to see an" inflection" point or a "wow moment" to realize the convenience brought about by digital services such as GCash.

"It’s a great thing that one wow moment cements in your mind that this thing works . . . I think it's about a year or two and it will start to happen because that use cases in Gcash are so rich right now, " he said. 

GCash has features that offer "convenience" such as savings, investments and credit line, among others, to encourage Filipinos to go digital, Cu said.