Leaders from the mobile phone industry and rural banking met on June 3 to discuss new developments in mobile phone banking during the 2010 RBAP-MABS National Roundtable Conference in Manila.
Mr. Jaime Fraginal Jr., Head of Sales of G-Xchange, Inc. – a wholly owned subsidiary of Globe Telecom – first presented GCASH Remit, an instant cash pick-up service for domestic and international remittances. This convenient service, accessible through 18,000 partners across the country (including 3,000 partners from the rural banking network), has low remittance charges for the sender and is free of charge for the beneficiaries. Because there is no third party handling the cash and it requires a PIN number from the beneficiary, GCASH Remit is safe and secure.
By building the infrastructure to increase the flow of money throughout the nation, GCASH Remit looks to play a significant part in the development of the Philippine countryside as another remittance opportunity for accredited rural banks.