MasterCard, Visa to charge 2.58% convenience fee for GCash cash-in starting July 6

Cashing in to GCash via MasterCard and VISA bank card transactions will have a 2.58% convenience fee starting July 6, 2020, the company announced Monday.

In an emailed statement, GCash said the fee — a direct charge of payment partners — will be computed and stated in the GCash application for each cash-in via bank card transaction.

As an example, a customer that cashes in P100 in the GCash wallet will be charged a convenience fee of P2.58, bringing the total to P102.58.

GCash clarified, however, that other cash-in methods remain free such as cashing in via linked BPI or UnionBank accounts, or through bank applications or websites powered by InstaPay.

"We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners," said GCash president and chief executive officer Martha Sazon.

"We will continue to be more innovative and proactive in developing safe, secure, and affordable financial services and tools so that more Filipinos can maximize the benefits of digital finance," she added.—AOL, GMA News