PayPal takes in GCash as partner in MSME fund transfer scheme

Global digital payment provider PayPal Pte. Ltd. and Globe Telecom Inc.'s micro payment service GCash have entered into a partnership deal allowing micro, small and medium enterprises (MSMEs) to transfer and withdraw funds at zero fees.

"Almost every e-commerce site features a payment button that has a PayPal option. It's really great to couple that with Globe's massive distribution here in the Philippines," Globe President and CEO Ernest L. Cu said in a briefing in Taguig City.

By linking their GCash accounts, MSME owners and freelancers will be able to transfer and withdraw their PayPal funds at no additional charge from 20,000 BancNet ATMs across the country and over 12,000 Globe Partner Outlets (GPOs).

Traditionally, MSME business owners and freelancers who transfer PayPal funds to bank accounts will only be able to make a withdrawal after seven days.

"Through this partnership, customers will be able to transfer their available PayPal balance at zero withdrawal fees and gain access to their funds within 24 hours," PayPal said in a separate statement.

PayPal CEO Rohan Mahadevan said the partnership will serve some 1.4 million small business owners and "help them be able to accept payments in a safe and secure way."

Since the program was soft launched on December 16, some 2,000 have signed up for the service. — Jon Viktor Cabuenas/VDS, GMA News