FINANCIAL super app GCash has waived the QR Ph transaction fees for micro-merchants until end-2023 to help boost the income of small businesses using the scan-to-pay service.
Aside from the waived QR transaction fees, GCash said micro-merchants will also have an increased wallet limit of up to P500,000 per month while the 1.5% transaction fee is waived for up to P100,000 in gross sales
“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,” G-Xchange President and Chief Executive Officer Oscar A. Reyes, Jr. said in a statement on Aug. 23.
G-Xchange is the mobile wallet operator of GCash.
According to GCash, micro-merchants are classified as small-scale businesses such as sari-sari store owners, public market vendors, and online sellers.
“Making use of our scan-to-pay enables faster tracking of payments received for merchants without imposing any additional cost, even for their customers,” GCash said.
GCash claims that electronic wallets and other payment platforms impose fees of up to 2% for using cashless transaction services such as QR-based and card payments.
“We are one with the Bangko Sentral ng Pilipinas, in its goal of bringing more micro-merchants into the digital economy. Together with our partners, we will equip micro, small, and medium enterprises with the right tools and products so they can grow their businesses safely and conveniently,” Mr. Reyes said.
As of writing, GCash has empowered 845,000 small-scale community merchants with various digital financial solutions.
GCash is a wholly owned subsidiary of Mynt or Globe Fintech Innovations, Inc., which is a part of the Globe Telecom, Inc. group. — Revin Mikhael D. Ochave