GCash partners with remittance hub for wider reach
ELECTRONIC wallet platform GCash has partnered with remittance company Pera Hub, allowing GCash users to receive international remittances.
“Like-minded partners like PERA HUB are essential in our mission of serving Filipinos across the Philippines and wherever they are in the world. This is in line with our vision of achieving ‘Finance for All,’ as we aim to reach more unserved and underserved Filipinos while making sure they stay connected to their families wherever they are,” G-XChange, Inc. President and Chief Executive Officer Oscar A. Reyes, Jr. said in a statement on Tuesday.
G-XChange is the corporate entity that operates GCash.
“It is part of PERA HUB’s mission to serve more Filipino communities around the world. Through our remarkable partnership with GCash, we’ve unlocked the power to serve more customers with our remittance services and help them connect with their families across the globe,” PETNET, Inc. President and Chief Executive Officer Adrian T. Ocampo said. Pera Hub is a retail brand of PETNET. GCash users will be able to digitally receive remittances through the PERA HUB Digital Remittance Platform (DRP).
The platform can accept money sent from brands such as RIA Money Transfer, Remitly, Instant Cash, Japan Remit, IntelExpress, and Ayannah.
Pera Hub added that more remittance brands will be onboarded within GCash in the future.
“Being able to connect with fintech partners like GCash and enabling them to carry faster and more accessible financial services through the PERA HUB Digital Remittance Platform brings us one step closer to driving financial inclusion across the country,” PETNET Digital Business Head Bryan M. Makasiar said.
In October, cash remittances from overseas Filipino workers (OFWs) rose by 3% year on year to $3 billion, as migrant Filipinos sent more money home ahead of the holiday season.
The amount of money sent by OFWs was the highest in ten months, or since the $3.16 billion in end-2022, data from the BSP showed.
Month on month, the 3% growth in cash remittances was faster than the 2.6% seen in September and marked the fastest remittances have risen since 3.7% in April. —