Leading mobile wallet, GCash, has partnered with PayMongo, a Silicon Valley-backed payments facilitator, to provide an expanded mobile payments platform for micro-, small and medium enterprises (MSMEs) in the country.
GCash is now live on the PayMongo site as a payment method for thousands of online sellers. PayMongo has 3,500 merchant accounts on its platform.
“PayMongo provides the easiest way for Filipino merchants to accept credit card, e-wallet and over-the-counter payments. PayMongo is backed by Silicon Valley’s Y Combinator, Peter Thiel and Stripe,” PayMongo Chief Executive Officer Francis Plaza said.
GCash, which has 20 million users and more than 50,000 partner merchants, has been at the forefront of creating a cashless payment system in the Philippines, in pursuit of its goal of financial inclusion. It has received several awards and citations from the Bangko Sentral ng Pilipinas for its innovations in mobile financial services.
“A strong cashless ecosystem will benefit MSMEs, who are the backbone of our economy. With PayMongo, GCash will help social and online entrepreneurs to optimize their businesses and grow in the internet economy,” Anthony Thomas, president and chief executive of GCash.
As of 2018, the Philippine Statistics Authority recorded 1,003,111 enterprises operating in the country, of which 99.52% or 998,342 are MSMEs. These MSMEs, majority of which are located in Metro Manila, generated 63.19% of all jobs in the Philippines.
PayMongo, a fintech startup, targets MSMEs, as well as online and social sellers, looking for an enhanced experience of payments. Through PayMongo, customers can select GCash as a payment method and enjoy seamless payment when shopping online.
“We couldn’t be more thrilled to partner with GCash in enabling more commerce online. Our vision of building the financial infrastructure to grow the internet economy faster needs partners like GCash that provides every person an ability to participate and thrive in this digital age.” Francis Plaza, PayMongo chief executive.
“As GCash strives to reach the unbanked and underserved Filipinos, we will continue to build relationships with companies like PayMongo that use fintech to provide financial services to Filipinos,” Thomas said.