GCash, the leading financial super app in the Philippines, has announced a significant initiative to support micro-merchants using their scan-to-pay service. Until the conclusion of 2023, GCash is lifting the transaction fees and merchant discount rates (MDRs) for these micro-merchants.
This move brings immense relief to micro-merchants, who often operate on a smaller scale, such as proprietors of sari-sari stores, public market vendors, and online sellers. By waving the QRPH transaction fees and MDRs, GCash aims to empower these micro-entrepreneurs, allowing them to conduct secure and hassle-free cashless transactions while earning more for their families.
Moreover, micro-merchants availing of GCash’s services will also benefit from an enhanced wallet limit, allowing them to transact up to P500,000 per month. Additionally, GCash is waiving the usual 1.5% transaction fee for gross sales up to P100,000, further reducing the financial burden on these small-scale business owners.
In comparison to other e-wallets and payment platforms, which often impose fees as high as 2% for QR-based and card transactions, GCash’s decision to eliminate these fees offers a significant competitive advantage to micro-merchants, allowing them to save on transaction costs.
Ren-Ren Reyes, the President and CEO of G-Xchange, Inc., the company behind GCash, highlighted the commitment to the growth of micro-entrepreneurs in the digital economy. Reyes stated, “For GCash, making this service free means micro-entrepreneurs can earn a little extra for their families through safe cashless transactions. We are committed to working with our micro-entrepreneurs to achieve their business goals in the digital economy.”
Micro-merchants play a crucial role in the local economy, and GCash’s initiative to support them aligns with the goals of the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to integrate more micro-merchants into the digital economy.
Through the scan-to-pay feature offered by GCash, micro-merchants can efficiently track their incoming payments without incurring any additional expenses for themselves or their customers. This streamlined payment process contributes to the growth and success of micro-entrepreneurs by enhancing their operational efficiency.
GCash has consistently demonstrated its commitment to empowering micro, small, and medium enterprises (MSMEs) in the Philippines. With this latest move, the company is set to further equip and support these businesses, facilitating their growth through safe and convenient digital financial solutions.
To date, GCash has played a pivotal role in transforming the financial landscape for small-scale community merchants, impacting the lives of approximately 845,000 micro-merchants across the country with its diverse range of digital financial solutions.
