PayPal and GCash put innovative financial solution in the hands of MSME business owners and freelancers
MANILA, PHILIPPINES – PayPal, a global leader in digital payments, and GCash, an internationally acclaimed micro payment service provided by Globe, announced today their collaboration to provide freelancers and businesses with a faster and more convenient way to withdraw their PayPal funds.
Micro and small to medium-sized enterprise (MSME) business owners and freelancers can now transfer and withdraw their PayPal funds at no additional charge by simply linking their PayPal accounts to their GCash accounts. Funds can then be withdrawn from their GCash account within a day1.
With growing internet penetration and high mobile engagement in the Philippines, more Filipino mobile users are quick to adopt and embrace new mobile technology and services. Globe Telecom’s mobile wallet service GCash complements PayPal’s global reach by providing MSMEs and freelancers the platform to receive payment from overseas and withdraw funds locally via a MasterCard branded card. The collaboration between GCash and PayPal thus provides an efficient solution customized to place more financial control into the hands of MSME business owners and freelancers by providing quicker access to their cash flow and capital.
Traditionally, MSME business owners and freelancers who have transferred their PayPal funds to their bank accounts may only be able to withdraw their funds after several days. They may also be charged corresponding transfer and withdrawal fees. Through this partnership, customers will be able to transfer their available PayPal balance at zero withdrawal fees and gain access to their funds within 24 hours.
“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 Dr. Rohan Mahadevan, CEO for PayPal Pte Ltd and SVP for PayPal Asia Pacific.
By linking their PayPal account to their GCash account, users are now able to access their balances through the GCash app. Users can then transfer their available PayPal balance to their GCash account and withdraw it through their GCash MasterCard at over 20,000 BancNet ATMs located across the Philippines and over 12,000 Globe Partner Outlets (GPOs) nationwide within the same day2.
“We look forward to expanding our reach to provide FinTech to the users of both PayPal and GCash,” said Albert Tinio, President & CEO of G-Xchange Inc. (GCash). “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,” Tinio added.
As part of the collaboration, in the upcoming weeks GCash and PayPal will be giving away free GCash MasterCards to customers who make a funds transfer from their PayPal account to their GCash account. To redeem the free GCash MasterCard, users will need to go to GCash stations within select SM outlets. Stay tuned to GCash’s FB page for further details when the promo becomes officially available.
For more details about the service and for the step-by-step guide on how to link your PayPal account to GCash and withdraw funds, visit: http://www.globe.com.ph/gcash/paypal.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (Nasdaq: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s nearly 200 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PYPL financial information, visit https://investor.paypal-corp.com.
GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer. GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need to bring any cash. For more information, please visit https://www.globe.com.ph/gcash.
About Globe Telecom
Globe Telecom is a leading full service telecommunications company in the Philippines, serving the needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connections, internet and managed services. Its principals are Ayala Corporation and SingTel who are acknowledged industry leaders in the country and in the region. For more information, visit www.globe.com.ph. Follow us on Twitter: http://twitter.com/talk2Globe and Facebook: http://facebook.com/GlobePH.
For media queries:
Jinny Dolendo / Clarice Abacan
Strategic Edge, Inc., PayPal’s PR partner in the Philippines
[email protected] / [email protected]
Yoly C. Crisanto
Head, Corporate Communications
Globe Telecom, Inc.
Email Address: [email protected]
Globe Press Room: www.globe.com.ph/press-room
Twitter: @talk2GLOBE │ Facebook: www.facebook.com/globeph
A plethora of GCash benefits
PayPal users in the Philippines now have a speedier way to manage and withdraw your available PayPal balance received from around the world. Users can enjoy PHP 0 withdrawal fees when transferring available PayPal balance to GCash. With the GCash MasterCard, swipe and shop online and in stores at over 33 million MasterCard merchants worldwide, plus withdraw cash from nearly 20,000 BancNet ATMs and over 12,000 Globe Partner Outlets (GPOs) nationwide. Access GCash services at over-the-counter partner network. Users can also buy prepaid load and get rebates, pay bills easily, or send money, plus Cash In or Cash Out at over 12,000 GCash Partner Outlets (GPOs) nationwide.
Set up a GCash Account
Step 1: Download the GCash App and register.
Step 2: Verify your GCash account via fb.com/gcashverify.
Link your PayPal Account
Step 1: Log in to GCash App.
Step 2: On the side menu, select “Link PayPal Account.”
Step 3: Enter your PayPal-registered email address.
Step 4: Log in through the PayPal page that will be prompted, then click “Authorize.”
Note: Only GCash-verified (or KYC’d) customers can link their own PayPal accounts. Both accounts must be owned by the same person.
Create a PayPal Account
Step 1: Go to https://www.paypal.com/ph/webapps/mpp/account-selection.
Step 2: Select either a “Personal” or Business” account which you would like to open.
Step 3: Enter your email address and choose a password.
Step 4: Fill in the rest of the requested information.
Transfer Available Funds from PayPal to GCash
Step 1: On the dashboard, click ‘Cash-In’ and select ‘PayPal’.
Step 2: Select the currency and amount you wish to transfer to GCash.
Step 3: Confirm your transaction.
Note: You can only transfer funds after linking your PayPal account.
The Freedom of Micro, Small and Medium-sized Enterprise Business Owners and Freelancers by PayPal
One of the biggest challenges faced by MSME business owners and freelancers is receiving and making payments, especially as their work typically transcends borders. This is where PayPal comes in – by delivering peace of mind to MSME business owners and freelancers with a payment platform that makes transacting faster, safer and easier so that they can focus on their craft.
Enables the MSME business owner and freelancer life
PayPal offers a hassle-free, agnostic platform not tied to any device so that they can connect and receive payments from clients all around the world. MSME business owners and freelancers also enjoy the ease of withdrawals without the need of credit card verification. On the backend, PayPal helps safeguard revenues with one of the most sophisticated fraud prevention engines in the world.
Helps MSME business owners and freelancers embrace a future that is mobile
PayPal Mobile Checkout allows customers to maximize their sales opportunities through its mobile-optimized solution, bringing their business everywhere.
Makes it easier for MSME business owners and freelancers to share their invoices
PayPal’s Invoicing tool allows freelancers and MSME business owners to create and email professional invoices easily.
Provides MSME business owners and freelancers with a customized payment link
With PayPal.Me for Business, freelancers and MSME business owners can create a customized payment link for receiving international commercial payments with their existing PayPal account. Payees can access the link to complete the payment, and the funds will be transferred to the receiver’s account usually within seconds.