The Future of Online Banking Amidst Crises
The Enhanced Community Quarantine (ECQ) disrupting businesses and consumers E-learning for students • Home Mandatory work from home • Quarantine Closure of non-essential shops • No work and no pay for daily wage earners • Regulated Online meetings ECQ • Panic-buying / bulk • Distribution of Online / P2P shopping Physical • purchases Food and Online transactions Distancing • Essential Health Mobile shops / markets • Delivery services • Services Workers staying within • Transport company’s offices/facilities Suspension No work for majority of drivers •
GCash enabling mobile financial transactions during ECQ Government to Consumers Only mobile number and • amount needed to disburse Self registration and e-KYC of • Government • Cashless transactions recipient through the Gcash in partner merchants Bayanihan to Heal as One Act • app Quick like Puregold, Mercury, • 18Mn famlilies, P5k-P8k/month for Disbursement and Southstar Drug 2 months • Expanded and enhanced 4Ps assistance through DSWD and • Palawan DOLE Pawnshop • Risk allowance to health workers Cash-out QR Payment • Villarica Assistance Funds • Options • Tambunting • LTFRB – TNVS • Puregold operators/employees • Bank Transfer • DOLE - daily wage earners • LGU - constituents Challenge: Efficient, effective and accessible alternative channels for funds disbursement • Send money • 5% rebate when GCash to Send Money Buy Load buying load across GCash or to all networks banks for free
GCash enabling mobile financial transactions during ECQ Businesses to Consumers Only mobile number and • amount needed to disburse Self registration and e-KYC of • • Cashless transactions in recipient through the Gcash partner merchants like app Quick Puregold, Mercury, and Disbursement Southstar Drug • 5% rebate when buying Businesses load across all Communication Allowance • networks QR Payment Buy Load Assistance Funds • • Load home Salary / Commission / Incentive • prepaid WiFI as well Challenge: Accessible alternative channels for funds disbursement that can easily be used by employees • Palawan • Send money Pawnshop GCash to GCash Cashout • Villarica Send Money or to banks for • Tambunting Options free • Puregold • GCash Card
GCash enabling mobile financial transactions during ECQ Consumer to Consumer, Business, and Government Digital opening of account • Digital through in-app e-KYC Banking Online purchases • GCash wallet cash-in and • Online and Donations Digital • cash-out transactions Offline Bills payment • Payments Bank transfers for payments • Government contribution Transfers • Bank transfers for donations • Payments • Digital load for mobile data • P2P Direct donations • services and home prepaid wifi Buy load Crowd sourcing/funding • Sending Gaming pins purchase •
Challenges and Limitations to Adopting Digital Financial Transactions Access Heavily Cash-based Transactions • Smartphone and mobile data penetration • Limited merchants accepting digital payments Awareness and Education • High need to still withdraw and use cash for day-to-day transactions • Awareness on features and benefits of digital platforms • Education on security features of digital platforms, consumer rights, and data Transaction Limit privacy • Consumer Wallet: P100k daily, P100k monthly Cash-in Source • Corporate Individual: P100k daily, P500k monthly • GCash Platform is for B2C and G2C • Majority of consumers, being unbanked, disbursements, or for C2B, C2G and C2C need to do offline cash-in transactions transactions. • Opportunity for more businesses to • Being an e-wallet, it cannot be used for large disburse digitally to empower employees transactions (i.e. B2B or B2G)
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