GCash, the leading finance app in the Philippines and the largest cashless ecosystem, has entered into a strategic partnership with E9pay, South Korea’s foremost cross-border money transfer fintech.
This collaboration enables Filipinos living in Korea to send money back to the Philippines swiftly, conveniently, and at competitive rates using their mobile devices.
Through the direct integration of these two Asian fintech leaders, Filipinos in Korea can transfer funds to their friends and family’s GCash wallets via the E9Pay app with unprecedented ease and speed. The transaction process is entirely digital and requires only the recipient’s phone number, eliminating the need for bank visits or complex paperwork.
Transferred funds typically arrive within minutes or hours, significantly faster than traditional banking methods. Users will also benefit from lower transaction fees and various promotional events jointly organized by these two leading service providers.
Jun Goo Hyok, CEO of E9pay, expressed his enthusiasm about the partnership: “With the Korean Government’s plans to bring in more healthcare and housekeeping workers from the Philippines, we anticipate significant growth in transactions with GCash soon.”
Meanwhile, Paul Albano, General Manager of GCash International, stated: “This partnership with E9Pay ensures that we will continue to serve Filipinos wherever they are in the world. This is also a significant boost to the cultural and economic ties between the Philippines and Korea, with monthly transactions expected to increase substantially as we extend the service to the over 60,000 Filipinos in Korea and the over 94 million individuals who have used GCash in the Philippines.”
According to immigration data from South Korea’s Ministry of Justice, the foreign resident population, including both short-term and long-term stays, reached 2.25 million in 2022, a 14.8% increase from the previous year. Among them, the Philippines ranked sixth, with approximately 60,000 individuals. Additionally, there has been a notable surge in Filipino tourists visiting South Korea, rising from 116,000 in 2021 to 308,000 in November 2023, representing a substantial increase of 165.5%.
In response to the growing interactions between South Korea and the Philippines, the two companies plan to expand their remittance services in the future. This expansion will facilitate the movement of funds from Korea to the Philippines and vice versa, catering to various financial needs, including tourist expenses and medical fees in Korea.
GCash has been strengthening its international presence to serve Filipinos worldwide. In addition to offering direct and convenient remittance services for Filipinos living in Korea, GCash users visiting the country can also use the app to make payments by scanning national QR codes and utilizing their GCash Visa Card.
