Micro and small to medium-sized enterprise (MSME) business owners and freelancers can now transfer and withdraw their PayPal funds at no additional charge by simply linking their PayPal accounts to their GCash accounts. Funds can then be withdrawn from their GCash account within a day.
With growing internet penetration and high mobile engagement in the Philippines, more Filipino mobile users are quick to adopt and embrace new mobile technology and services. Globe Telecom’s mobile wallet service GCash complements PayPal’s global reach by providing MSMEs and freelancers the platform to receive payment from overseas and withdraw funds locally via a Mastercard branded card.
The collaboration between GCash and PayPal provides an efficient solution, customised to place more financial control into the hands of MSME business owners and freelancers by providing quicker access to their cash flow and capital.
Traditionally, MSME business owners and freelancers who have transferred their PayPal funds to their bank accounts may only be able to withdraw their funds after several days. They may also be charged corresponding transfer and withdrawal fees. Through this partnership, customers will be able to transfer their available PayPal balance at zero withdrawal fees and gain access to their funds within 24 hours.
By linking their PayPal account to their GCash account, users are now able to access their balances through the GCash app. Users can then transfer their available PayPal balance to their GCash account and withdraw it through their GCash MasterCard at over 20,000 BancNet ATMs located across the Philippines and over 12,000 Globe Partner Outlets (GPOs) nationwide within the same day.
As part of the collaboration, for a short period after this announcement, GCash and PayPal will be giving away free GCash MasterCards to customers who make a funds transfer from their PayPal account to their GCash account. To redeem the free GCash MasterCard, users will need to go to GCash stations within select SM outlets.
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