GCash waives QR transaction fees for micro-merchants
GCash, the Philippines’ #1 financial super app, waives the QRPH transaction fees or merchant discount rates (MDRs) for micro-merchants who use the scan-to-pay service, until the end-of-2023.
In addition to this, micro-merchants have access to an increased wallet limit of up to P500,000 per month. Moreover, the 1.5% transaction fee is waived up to P100,000 in gross sales.
E-wallets and other payment platforms charge fees as high as 2% for the use of their cashless transaction services such as QR-based and card payments.
“For GCash, making this service free means micro-entrepreneurs can earn a little extra for their families through safe cashless transactions. We are committed to working with our micro-entrepreneurs to achieve their business goals in the digital economy," said Ren-Ren Reyes, the President and CEO of G-Xchange, Inc., the mobile wallet operator of GCash.
Micro-merchants are those with businesses that are smaller in scale, such as sari-sari store owners, public market vendors, and online sellers.
Making use of GCash’s scan-to-pay enables faster tracking of payments received for merchants without imposing any additional cost, even for their customers.
“We are one with the Bangko Sentral ng Pilipinas, in its goal of bringing more micro-merchants into the digital economy. Together with our partners, we will equip micro, small, and medium enterprises (MSMEs) with the right tools and products so they can grow their businesses safely and conveniently,” Reyes said.
To date, GCash has been empowering 845,000 small-scale community merchants with various digital financial solutions.
About Mynt
Mynt is the parent company of GCash, the #1 Finance Super App in the Philippines. It’s the first and only fintech company listed on the Philippine Stock Exchange under the “GCASH” ticker symbol. Through GCash, Mynt advances its vision of 'Finance for All' by making financial services more accessible to Filipinos. Mynt operates a portfolio of companies, including G-Xchange, Inc., the payments company responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides fair and digitally-enabled credit products and solutions.
Mynt, through its fintech operations, is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly focusing on safety & security, financial inclusion, diversity, equity, and inclusion, as well as taking urgent action to combat climate change and its impacts.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
