GCash said transaction volume went up by 700 percent just for May this year.
“We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners,” GCash president and CEO Martha Sazon said in a statement. GCash said this was a “minimal” charge and lower than the P30-flat rate charged by its competitors, although this would depend on the value of the transaction.
GCash said cash-in via linked BPI or UnionBank accounts or through a bank app or website powered by InstaPay would not be charged the convenience fee. 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.
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