ELECTRONIC wallet platform GCash said it will continue to subsidize a portion of the operating costs of its partners to sustain lower cash-in fees, the company said on Tuesday.
Earlier this month, mobile wallet GCash announced that it is about to impose a P5 convenience fee for cash-in transactions through its two major bank partners Bank of Philippine Islands and Union Bank of the Philippines.
“Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos,” GCash President and Chief Executive Martha Sazon said in a statement.
Ms. Sazon said the cash-in charge will begin by the fourth quarter although she noted that it is still much lower than the transaction fees usually charged by other financial institutions.
“This also ensures that our operations will remain seamless for all customers,” she said. “Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible.”
Last week, the financial super app announced that it had decided to waive the QR Ph transaction fees for micro-merchants until the end of this year.
The move is to allow small businesses to boost their income while still using its scan-to-pay services, GCash said.
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. — Ashley Erika O. Jose