GCash, the Philippines’ leading e-wallet, has taken a giant leap towards becoming a major player in the global remittance landscape by partnering with Ria Money Transfer, one of the world’s largest cash remittance systems.
This strategic alliance is a game-changer for overseas Filipino workers (OFWs) who rely on fast, secure, and affordable ways to send money back home.
Photo shows (from left:) Paul Albano, GCash International General Manager; Steve Peregrino, Regional Director of Business Development at Ria Money Transfer; and Eileen Roque, Business Development Manager, also of Ria Money Transfer, during the signing.
The partnership allows OFWs in key remittance corridors like Australia, Europe, Singapore, and the US to send money directly to their families’ GCash wallets in the Philippines, even if the recipient doesn’t have an account yet. This eliminates the need for opening a traditional bank account, saving valuable time and resources for both the sender and receiver.
But the benefits go beyond convenience.
The company highlights that sending money through Ria to a GCash wallet ensures instant money transfer, regardless of the sender’s location. This is a significant advantage, especially for situations where immediate financial assistance is needed by families back home.
Cost is another crucial factor for OFWs who meticulously manage their hard-earned money. The e-wallet firm emphasizes that Ria boasts some of the lowest service fees in the industry, a major advantage for Filipinos sending money home regularly.
GCash: Expanding reach, strengthening commitment
“This partnership with Ria is a strategic move to significantly expand our network overseas,” says Paul Albano, General Manager of GCash International.
Ria’s extensive reach of over 507,000 locations across 160 countries provides the e-wallet company with a massive platform to tap into.
Albano further emphasizes GCash’s commitment to the partnership, saying, “We are strengthening our presence in Ria money transfer stores worldwide and building stronger partnerships in key remittance corridors. This ensures we can empower Filipinos wherever they may be.”
In November last year, GCash announced that it is expanding to 10 new international markets to boost e-wallet convenience for Filipinos abroad. The new markets include key territories in the Middle East, Asia-Pacific, and Europe, building on GCash’s current availability in 16 countries, such as the United States, Italy, the United Kingdom, Australia, Japan, Spain, the United Arab Emirates, and South Korea.
This move will bring the app closer to Filipinos overseas, enabling them to register using their local mobile numbers in the countries where they live and work.
Building a financial lifeline for Filipinos abroad
This move by GCash goes beyond just adding a new remittance service.
It’s part of a larger strategy to build a comprehensive financial ecosystem for Filipinos abroad. GCash Overseas, the platform’s international arm, is already offering various financial services in countries with high OFW populations.
By combining Ria’s global network with GCash’s growing suite of financial services, OFWs can now enjoy a more convenient, affordable, and secure way to not only send money home but also manage their finances remotely. This empowers them to better support their families and plan for their future.
A New Era for Filipino Remittances
The GCash-Ria partnership marks a significant development in the Philippine remittance landscape. It fosters competition, potentially driving down service fees and improving transfer speeds across the board. This benefits millions of Filipino families who rely on remittances as a vital source of income.
With its expanding network, focus on affordability, and commitment to financial services for Filipinos abroad, GCash is well-positioned to become a major force in global remittances. This partnership is a win-win for both GCash and, more importantly, for the millions of Filipinos who power the Philippine economy from afar.