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The Future of Online Banking Amidst Crises

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Jep Tang

The document discusses how GCash is enabling mobile financial transactions during the ECQ in the Philippines. It summarizes how GCash allows for quick disbursement of funds from the government and businesses to consumers, as well as digital transactions between consumers, businesses, and the government. Some challenges to adopting digital financial transactions mentioned are limited smartphone and data penetration, cash-based transactions, awareness and education needs, cash-in sources for unbanked consumers, and transaction limits of the GCash platform.

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The Future of Online Banking Amidst Crises

Uploaded by

Jep Tang
287 views7 pages
The document discusses how GCash is enabling mobile financial transactions during the ECQ in the Philippines. It summarizes how GCash allows for quick disbursement of funds from the government and businesses to consumers, as well as digital transactions between consumers, businesses, and the government. Some challenges to adopting digital financial transactions mentioned are limited smartphone and data penetration, cash-based transactions, awareness and education needs, cash-in sources for unbanked consumers, and transaction limits of the GCash platform.

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FSTT-April-14_GCash-Presentation.pptx

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The document discusses how GCash is enabling mobile financial transactions during the ECQ in the Philippines. It summarizes how GCash allows for quick disbursement of funds from the government and businesses to consumers, as well as digital transactions between consumers, businesses, and the government. Some challenges to adopting digital financial transactions mentioned are limited smartphone and data penetration, cash-based transactions, awareness and education needs, cash-in sources for unbanked consumers, and transaction limits of the GCash platform.

Copyright:

© All Rights Reserved
Download as PPTX, PDF, TXT or read online from Scribd
Download as pptx, pdf, or txt
287 views7 pages

The Future of Online Banking Amidst Crises

Uploaded by

Jep Tang
The document discusses how GCash is enabling mobile financial transactions during the ECQ in the Philippines. It summarizes how GCash allows for quick disbursement of funds from the government and businesses to consumers, as well as digital transactions between consumers, businesses, and the government. Some challenges to adopting digital financial transactions mentioned are limited smartphone and data penetration, cash-based transactions, awareness and education needs, cash-in sources for unbanked consumers, and transaction limits of the GCash platform.

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© All Rights Reserved
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The Future of Online Banking Amidst

Crises
The Enhanced Community Quarantine (ECQ) disrupting businesses and
consumers
• E-learning for students
Home • Mandatory work from home
Quarantine • Closure of non-essential shops
• No work and no pay for daily wage earners

ECQ
Regulated • Online meetings
• Panic-buying / bulk Distribution of Physical • Online / P2P shopping
purchases Food and Essential Distancing • Online transactions
• Mobile shops / markets Health Services
• Delivery services

• Workers staying within company’s


Transport offices/facilities
Suspension
• No work for majority of drivers
GCash enabling mobile financial transactions during ECQ
Government to Consumers
• Only mobile number and amount
needed to disburse
• Self registration and e-KYC of recipient
Government • Cashless transactions in through the Gcash app
• Bayanihan to Heal as One Act partner merchants like Quick
• 18Mn famlilies, P5k-P8k/month for 2 Puregold, Mercury, and Disbursement
months Southstar Drug
• Expanded and enhanced 4Ps assistance
through DSWD and DOLE
• Risk allowance to health workers • Palawan Pawnshop
• Assistance Funds • Villarica
QR Payment Cash-out • Tambunting
• LTFRB – TNVS operators/employees Options
• DOLE - daily wage earners • Puregold
• LGU - constituents • Bank Transfer

Challenge:
Efficient, effective and accessible
alternative channels for funds disbursement
• Send money GCash
• 5% rebate when buying
to GCash or to Send Money Buy Load load across all networks
banks for free
GCash enabling mobile financial transactions during ECQ
Businesses to Consumers
• Only mobile number and amount
needed to disburse
• Self registration and e-KYC of recipient
• Cashless transactions in partner through the Gcash app
merchants like Puregold, Mercury, Quick
and Southstar Drug Disbursement

• 5% rebate when
buying load
Businesses
across all
• Communication Allowance QR Payment Buy Load networks
• Assistance Funds • Load home
• Salary / Commission / Incentive prepaid WiFI as
well
Challenge:
Accessible alternative channels for funds
disbursement that can easily be used by
employees

• Palawan Pawnshop
• Send money GCash to
• Villarica
Cashout GCash or to banks for
• Tambunting Send Money
Options free
• Puregold
• GCash Card
GCash enabling mobile financial transactions during ECQ
Consumer to Consumer, Business, and Government

• Digital opening of account through in-


Digital app e-KYC
Banking

• Online purchases • GCash wallet cash-in and


• Donations Digital Online and
cash-out transactions
• Bills payment Payments Offline • Bank transfers for payments
• Government contribution Transfers • Bank transfers for donations

• Payments • Digital load for mobile data services and


• Direct donations home prepaid wifi
• Crowd sourcing/funding
P2P Sending Buy load
• Gaming pins purchase
Challenges and Limitations to Adopting Digital Financial Transactions

Access Heavily Cash-based Transactions


• Smartphone and mobile data penetration
• Limited merchants accepting digital payments
• High need to still withdraw and use cash for day-to-
Awareness and Education day transactions
• Awareness on features and benefits of digital
platforms
• Education on security features of digital platforms,
consumer rights, and data privacy
Transaction Limit
• Consumer Wallet: P100k daily, P100k monthly
Cash-in Source • Corporate Individual: P100k daily, P500k monthly
• GCash Platform is for B2C and G2C disbursements, or
• Majority of consumers, being unbanked, need to do for C2B, C2G and C2C transactions.
offline cash-in transactions • Being an e-wallet, it cannot be used for large transactions
• Opportunity for more businesses to disburse digitally (i.e. B2B or B2G)
to empower employees
Thank you!

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