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Philippines Leading Mobile Wallet Explores Possible Crypto Offering
GCash would join such other major payment firms as PayPal and Square in addressing growing demand for cryptocurrency services.
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The Philippines' leading mobile wallet provider is eyeing a possible foray into crypto.
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According to a report on Friday by local news outlet Philstar Global, GCash President and CEO Martha Sazon said her company is considering offering the ability to buy, sell and store crypto.
GCash currently offers users the ability to remit in crypto from Canada to the Philippines using TEL, the native crypto of the mobile remittance network Telcoin built on Ethereum. It does not offer the option to buy or sell crypto via its app.
“It’s important to know what the trends are, whether locally and globally, and crypto is part of that,” Sazon told philstar.
GCash is the country's top mobile wallet platform, servicing over 40 million users representing roughly 40% of the Filipino population, according to Sazon. GCash would join the likes of other major payments firms, including PayPal and Square, which currently offer similar products.
“Just like in any introductions you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps,” said Sazon in relation to offering cryptocurrencies via her platform.
See also: Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering
Using the GCash app, Filipinos can invest, purchase insurance, pay bills, remit money and shop online, among other tasks. The company also boasts partnerships with over 73,000 merchants and 400 billers nationwide.
“We will continue to innovate and provide relevant and accessible financial services for all,” Sazon said.
UPDATE (JUNE 4, 2021, 7:10 UTC): Updates to add information regarding Telcoin network remittance corridor with Canada.
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