A lot of industries have experienced disruptions with the arrival of new technology. Uber has done this with the transportation sector, airbnb has changed the hotel landscape and if you’ve been observant enough, the financial sector is also being disrupted by new advances in technology.
It used to be that if you wanted to send money anywhere in the Philippines or even internationally, you go through banks. If you wanted to pay your bills, you go to the utility provider’s office and pay your bills in person. Things like these have been slowly disrupted by the arrival of the internet and of mobile phones. With people now online most of the time, services are slowly moving mobile and online as well.
Sending money online has been possible before but you do it either through online services of banks, or through services like PayPal. Now, you won’t need bank accounts to be able to send money. You can send through your mobile phones through services like GCash.
GCash and PayMaya on Messenger
Filipinos are getting another easy way to send money, pay bills for utilities and even buy load or mobile data. These services can now be done through a messaging app. That messaging app is Facebook Messenger.
Facebook, GCash and PayMaya Philippines have announced a partnership which will allow users of Facebook Messenger to send money, pay bills and buy mobile data through the messaging app. GChas and PayMaya are independent money transfer applications but now, they will be integrated on Facebook Messenger. This is quite surprising since Facebook Messenger is an app for sending messages and until recently, playing games like Everwing. The incorporation of mobile remittance and payment services in the app is something one would not expect, but it is here, and obviously, it is very much welcome. Facebook users will be happy with this development, especially if payments turn out to be smooth and hassle-free.
What Moved the Integration
According to Facebook, what prompted the move to integrate GCash and PayMaya into Messenger is the need to service the unserved and underserved people. It observed that in terms of domestic remittances, 90 percent are made among family members and that existing services require additional costs and processes. It further noted that 69 percent of Filipinos do not have bank accounts. Facebook wanted to make the process simpler and cheaper and it wanted to provide individuals with tools to connect not just with family and friends, but to services as well.
Messenger is also among the most popular messaging apps in the country. It makes sense, therefore, for Facebook to tap its Messenger app to provide mobile payment and remittance service to Filipinos.
How to Use GCash and PayMaya on Messenger
New users for the integrated service can create their PayMaya or GCash account using the Messenger app. If you have an existing GCash or PayMaya account, on the other hand, you can link your account to the app.
The service is currently available only to Android users. Compatibility with iOS devices should follow but there is no word when this would happen.