GCash used to pay bills. Handout
MANILA -- Telco giant Globe on Monday said it sold its 77 percent stake in electronic payment service provider Electronic Commerce Payments, Inc. (ECPay) to GCash parent Mynt.
In a statement, Globe said ECPay was sold at P2.31 billion.
ECPay's minority stakeholder, Payment One Inc, is also a party to the agreement, which means Mynt has fully acquired ECPay.
The purchase will help GCash improve its services in the fintech space and further democratize financial access, Globe said.
“Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up," said Globe Chief Finance Officer Rizza Maniego-Eala.
Globe acquired ECPay in 2019. The payment center helps merchants process bill payments, and helps consumers with prepaid mobile phone loading, e-wallet and cash card loading, airline ticket payments, online payments, and credit card payments.
RELATED STORY: