GCash has enabled its users to buy, sell, and hold PYUSD tokens, with low transaction fees, on GCrypto, the in-app feature of GCash powered by PDAX (Philippine Digital Asset Exchange). The feature is available to GCash users who are at least 18 years old and have a fully verified account.
Unlike other cryptocurrencies like bitcoin, which are prone to wild swings in value, stablecoins are pegged to the value of fiat currencies such as the US dollar or other more stable assets like gold.
Officials from PDAX said that through this joint effort, they are creating opportunities for Filipinos to utilise cryptocurrency in their daily lives. Whether it's sending remittances or making purchases, this initiative will allow uses to embrace digital assets as a secure and practical solution.
In April 2024, GCash has partnered with PayPal to provide freelancers and micro, small, and medium-sized enterprises (MSMEs) with a seamless way to withdraw their PayPal funds. By linking their PayPal accounts to GCash, users can transfer and access their funds within 24 hours without any additional fees.
This collaboration leverages the widespread adoption of mobile technology in the Philippines, offering MSMEs and freelancers faster and more convenient access to their money, which is essential for managing cash flow and capital.
The partnership aims to streamline financial transactions for MSMEs and freelancers by offering a more efficient alternative to traditional bank transfers, which can take several days and incur fees. With the GCash MasterCard, users can withdraw their PayPal funds from over 20,000 ATMs and 12,000 partner outlets across the Philippines. Additionally, as an incentive, GCash offers free MasterCards to customers who transfer funds from PayPal to GCash within a limited period, further enhancing the appeal of this service.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now