GCash partners with Qwikwire seeking to innovate the local real estate payments
Philippine-based mobile wallet GCash has announced that it has signed a deal with Qwikwire, Philippines’ cross-border payments platform. The partnership will get into gear the innovation of local real estate payments transaction process.
In the Philippines, there’s been a booming of the real estate industry over the last 5 years, but the problem is that people still pay their real estate dues through the traditional Post-dated checks (PDCs), Bank Deposits, over the counter payments directly to property developers, or some, to their brokers. The time-consuming methods also impose fraud risks with the manual and lack of security nature of the payment.
With GCash, users can leverage on mobile money service that’s BSP-regulated from smartphones. The partnership has brought aboard clients of property developers including DMCI, Century Properties, Double Dragon, Revolution Precrafted, and more, allowing users to pay their property dues in just a few clicks.
“In the next 2-3 years, I firmly believe that there will be a significant change in how we do payments here in the Philippines. In the same way that most Filipinos skipped having a landline in their households and went straight to owning mobile phones, I think we can go from a society where most doesn’t have a bank account to turn their smartphones into a mobile wallet,” said Ray Refundo, CEO of Qwikwire.
The partnership will also let transactions from Qwikwire’s clients to be handled and processed by GCash’. For the first month, the facility is available only for association dues but later will be adding with the handling of reservation fees and payments for the monthly repayment process of loan principal over time.
GCash is owned by corporate giants Globa, Ant Financial, and Ayala Corp. Qwikwire is a Philippines-based cross-border billing and invoicing startup for enterprises, and back in February last year has secured funding from local VC firm First Asia Venture Capital and incubator Cerebro Labs.
A signing ceremony was held at the Mynt office in Taguig last December 6, 2018 with Mynt’s VP of Merchant Solutions, JM Ajuero, and Head for Online Acquisition, Ferdie Perez, and Ray Refundo, CEO of Qwikwire, along with the rest of the Qwikwire team to officially launch the partnership.
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