Everyone are reacting negatively about the recent news about the 2.58% transaction charge in GCash with the use of cash-in via MasterCard and VISA bank card that will start on July 6, 2020. I got some info from GCash and they said that the transaction fee is for the cash-in of their card payment partners. It means that the bank charges the pass-on fees to GCash account holder for using the cash-in service. The bank will be getting the 2.58% fee in every transfer transaction. Also GCash wont be getting any penny from that 2.58%.
But do take note that GCash still have a FREE transaction if you use BPI and Union Bank to cash-in to your GCash account.
During this time of pandemic, we find more convenient solutions to use our funds in buying goods, Everything is already online , so transfer of payments are through online, means that all payments are digital and cashless.
Here are some more info:
"The fee is a direct charge of GCash’s card payment partners. All fees collected will go directly to the
card payment partners of GCash. GCash does not earn from the 2.58% convenience fee.
If not for the recent increase in charges implemented by our card payment partners, GCash will not be
passing on any convenience fee for our cash-in via Visa/MasterCard bank card service.
GCash also provides other cash-in methods that are totally FREE, such as cash-in via linked BPI or
UnionBank accounts or through a bank app or website powered by InstaPay."
read more info here- https://help.gcash.com/hc/en-us/sections/900000085683-Cash-In-via-Bank-EMI-Apps-InstaPay-
Take note of these:
Card linking – your bank’s card that uses Visa or Mastercard’s network. Usually you
can also find Visa and Mastercard logos on these cards
Bank account linking – Directly linking your bank account to GCash. These are first
party networks that are directly between the partner bank and GCash
1. Its convenient, no need to visit any bank or cash-in stations/partners of GCash
2. You can transfer funds from your Bank/EMI to your GCash account if you want to purchase an item online, send or buy load, or transfer money to another user or deposit to another Bank
3. You can monitor your expenses via digital transaction
4. Manage funds that can be used for daily, weekly or monthly allowances
5. If you use BPI and Union Bank, the cash-in is zero fee!
6. You wont worry to use your fund in any shopping sites, because you wont be using your bank card.
7. If you pay for a monthly fee subscription to web or app services like Netflix, you can set a budget via GCash for auto payments. You can also disable it via the Netflix app if you linked your GCash as its primary payment network
8. Earn cash back or rebates when you use your GCash
9. Everything is paid cashless when you use your funds in GCash
10. It is secured, safe and easy to use with a touch of your phone and security recognition set by you.
Here are some info that can help you which bank are listed for cash-in with GCash that are going for FREE pass-on charge and will charging soon.
And here are some more info:
- 70,000 partner merchants nationwide accepting GCash
- Free cash-ins to customer with linked bank accounts or via InstaPay network
- Multiple value added services such as GCredit, GSave, and GInvest
- Convenient payment of bills through GCash Pay Bills, and bank money transfers through
And here are some more info:
- The fee is still lower than other mobile wallets, where a flat rate of P30 is charged for each
cash-in transaction (especially for cash-in transactions below P1,000).
- 70,000 partner merchants nationwide accepting GCash
- Free cash-ins to customer with linked bank accounts or via InstaPay network
- Multiple value added services such as GCredit, GSave, and GInvest
- Convenient payment of bills through GCash Pay Bills, and bank money transfers through
GCash Bank Transfers
#gcash #tech
