Globe, PayPal tie up
Globe Telecom Inc. and digital payments provider PayPal have forged a partnership to enable freelancers and businesses to easily withdraw funds.
With this partnership, micro, small and medium enterprises (MSMEs) and freelancers in the country now have a platform to receive payments and transfer funds.
MSME owners and freelancers can transfer as well as withdraw PayPal funds at no additional charge by linking their PayPal accounts to their GCash accounts within the day.
GCash is a micro- payment service provided by Globe through subsidiary G- Xchange Inc. which allows individuals to transform their mobile phone into a wallet.
Once the available PayPal balance is transferred to the GCash account, users may withdraw their funds using the GCash MasterCard at over 20,000 BancNet automated teller machines and more than 12,000 Globe partner outlets nationwide within the same day.
Prior to the partnership, MSME business owners and freelancers who have transferred their PayPal funds to their bank accounts have to wait for several days to withdraw. They were also charged with transfer and withdrawal fees.
“PayPal has always been a strong supporter of freelancers and MSMEs. We help them gain access to over 200 markets via our global platform, and we provide them with a truly global, end-to-end solution by collaborating with strong local payment partners such as GCash.
This solution with GCash will provide our Filipino customers with a quicker and more convenient way to withdraw and utilize payments received from overseas,” said Rohan Mahadevan, CEO for PayPal Pte Ltd. and SVP for PayPal Asia Pacific.
For his part, G- Xchange president and CEO Albert Tinio said the company intends to expand the reach of its financial technology offering to both PayPal and GCash users.
“We know that the footprint of local MSMEs in the digital economy is continuously expanding, and we understand the needs and demands of our customers. Given this, we knew that embarking in this partnership is a true testament to our commitment in making businesses flourish,” he added.