MANILA - Globe Telecom's financial technology arm said Wednesday it has partnered with global remittance firm MoneyGram to allow families of Filipinos abroad to receive remittances on their smartphones.
Mynt, the fintech subsidiary of Globe, Ayala Corp and Ant Financial, said the service will be available through its GCash mobile wallet.
"We provide the vital link to the OFWs' families who are here. This provides convenience for those in remote areas with no access to financial services," said Mynt CEO Anthony Thomas.
The service allows overseas Filipino workers to send money from 350,000 MoneyGram agent locations in 200 countries directly to GCash users in the Philippines, said Yogesh Sangle, MoneyGram International head of Asia Pacific, Middle East & South Asia.
"As MoneyGram customers are going more and more online, instead of walking into physical shops, they also want to receive transactions in their online wallets in the Philippines," Sangle said.
Senders from abroad need to transact in MoneyGram outlets, while the receivers just need to have a verified GCash app, where MoneyGram is already incorporated.
After receiving the reference number from the sender, the receiver keys it into the GCash app to receive the money free of charge in as fast as 10 minutes, Thomas explained.
The money in the GCash digital wallet can be used to shop online, pay bills or be withdrawn through an ATM or other cash-out options for a minimal fee.
It can also be used with partner merchants in a scan-to-pay system using QR codes on smartphones.
Like Visa, which recently unveiled a blockchain-based payment system, Sangle said MoneyGram is open to technologies that would further cut the cost of remittances.
Thomas said Jack Ma's Ant Financial, which partnered with Ayala and Globe Telecom, is already looking into blockchain technology.