This new feature allows users to link international bank accounts to GCash, simplifying the process of sending money to the Philippines. In essence, the service was introduced to address longstanding issues with remittances from Europe and the UK, including high fees, lengthy transaction times, and reliance on multiple intermediaries. Users can now benefit from reduced fees, faster transfers, competitive exchange rates, and real-time fund access.
According to representatives from GCash, the initiative aims to address the financial needs of Filipinos abroad. Thunes, a global payment platform, supports the service through its Direct Global Network, and company officials commented on the collaboration, stating that their system enables instant digital wallet top-ups, simplifying cross-border transactions and promoting financial inclusion.
GCash’s has recently achieved unicorn status with a valuation exceeding USD 5 billion and secured investments from Mitsubishi UFJ Financial Group and Ayala Corporation.
GCash offers a range of digital financial services in the Philippines, including payments, money transfers, savings, loans, and investments, through its mobile app. Operated by G-Xchange, Inc., a subsidiary of Mynt, the company is solidifying its position in the country's digital finance landscape. In August 2024, GCash announced the launch of PayPal’s stablecoin PayPal USD (PYUSD) on GCrypto for availability in the Philippine market. GCash 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).
Thunes connects payment systems worldwide, enabling real-time transactions across 130 countries. Its network integrates with various payment methods, mobile wallets, and financial services providers, including GCash, emphasising cost-effective and secure global money transfers.
For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database.
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