GCash, touted as the country’s number one finance app and largest cashless ecosystem, has partnered with E9Pay, South Korea’s leading cross-border money transfer platform, to simplify the remittance transactions of Filipinos in Korea back to their families in the Philippines.
With the Asian fintech leaders directly connected, Filipinos in Korea could send money to the GCash wallets of friends and family through the E9Pay app with ease and speed. The transaction is fully online and requires only the receiver’s phone number, eliminating the need for bank visits or complex paperwork.
The transferred funds arrive within minutes or hours, far faster than traditional banking processes. Users also benefit from lower transaction fees and more promotional events co-hosted by the two nation’s leading service providers.
“With the Korean government plans of bringing in more healthcare and housekeeping workers from the Philippines, we anticipate significant transaction growth with GCash soon,” Jun Goo Hyok, E9pay chief executive, said.
Paul Albano, general manager at GCash International, said: “This partnership with E9Pay ensures that we will continue to serve Filipinos wherever they are in the world.”
“This is also a big boost to the cultural and economic ties between the Philippines and Korea with monthly transactions seen growing substantially as we open the service to the over60,000 Filipinos in Korea and over 94 million people who have tried using GCash in the Philippines,” he added.
According to data from South Korea’s Ministry of Justice, its foreign resident population encompassing both short-term and long-term stays, stood at 2.25 million in 2022, up 14.8 percent from prior year.
Filipinos were 6th largest roughly equal to 60,000 individuals. There also had been a significant surge in Filipino tourists visiting South Korea from 116,000 in 2021 to 308,000 in November 2023, or a substantial increase of 165.5 percent.
In response to the increasing interaction, the partners plan broader remittance services in the future, allowing various financial demands, including tourist payments and hospital fees in Korea.
GCash has been solidifying its international presence across the world. Aside from allowing direct and easy remittance services for Filipinos residing in Korea, GCash users visiting the country can also use the app by scanning national QR codes and by using their GCash Visa cards.
