GCash, the Philippines’ leading finance super app and largest cashless ecosystem, has launched its UK/EU Bank Cash In feature.
The introduction of the new feature is aimed at addressing the challenges faced by the estimated two million Filipinos living in the UK and Europe in sending remittances back home, according to FF News.
GCash seeks to simplify the remittance process, making it faster, more cost-effective, and accessible.
Its commitment to financial inclusion has made it a key player in the Philippines’ digital finance sector, recently achieving unicorn status with a valuation exceeding $5bn.
The UK/EU Bank Cash In feature enables overseas Filipinos to seamlessly link their international bank accounts to GCash.
This eliminates the traditional complexities of remittance, such as high fees, slow processing times, and reliance on intermediaries.
With this innovation, users benefit from lower fees, competitive exchange rates, and real-time access to their funds, making money transfers significantly more efficient.
The offering is further enhanced by GCash’s partnership with Thunes, a global leader in cross-border payment solutions.
Floris de Kort, CEO of Thunes, highlighted the value of the collaboration, saying, “We are expanding our collaboration with GCash, a long-standing valued Member of our Direct Global Network, to transform digital wallet top-ups. Through Thunes’ Direct Global Network, we are now delivering an instant top-up service that simplifies cross-border transactions. Our alliance with GCash is a testament to our passion for innovation, the versatility of our proprietary network, and our dedication to financial inclusion through money movement around the world.”
Recently, GCash has strengthened its position in the global market by securing investments from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking group, and Ayala Corporation, one of the Philippines’ leading conglomerates.
These strategic investments underscore GCash’s growth potential and dedication to financial inclusion.
Paul Albano, GCash International General Manager, added, “Many Filipinos have chosen Europe and the United Kingdom as their home. GCash hopes to provide their needs and help them connect with their loved ones, as a trusted digital finance partner made for Filipinos, by Filipinos.”
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