Last year Moneygram International opened its very first Overseas Filipino Worker (OFW) Center in the heart of Manila to better serve and educate millions of overseas Filipino workers (OFWs) about the importance of financial literacy to help prepare them for living abroad.
MoneyGram partnered with DAMLAG Council Inc., an Overseas Workers Welfare Association (OWWA) that is an accredited provider of Pre-Departure Orientation Seminars (PDOS). This sponsorship provided OFWs with financial literacy talks to strengthen the existing PDOS curriculum which touches on topics including health, migration, standard employment contract details, travel tips, OWWA benefits and social programs, and guidelines on what to do and not to do upon arrival at the country of deployment. They also provided a simple safety guide with secure ways to send money home will also be provided.
Now, MoneyGram makes it even easier for OFWs to send money to the Philippines as they partnered with GCash, the mobile wallet and micropayment arm of Mynt, that also further improves financial inclusion in the Philippines.
Through the new united system, thousands of GCash users can now receive money from over 200 countries and territories on their mobile wallet and use the funds instantly for purchasing goods and services online.
And all of this in just 10 minutes!
The collaboration between GCash and MoneyGram is a powerful strategy that aligns with MoneyGram’s goal to offer consumers more digital money transfer options for the over 30 million active smartphone users and the growing Internet penetration in the Philippines.
The MoneyGram services are especially beneficial for OFWs and their families, providing a convenient way to send remittances from all over the world.
According to POEA 2017 data, there are 12 million OFWs spread around the world, many of whom send a significant portion of their salary to their families back home. The partnership with GCash eliminates the need for family members receiving this money to go to a MoneyGram location.
They can directly receive any amount on their mobile wallet. What’s more, the money they receive is readily available for purchasing goods and services online. Of course, the service could be used literally by anyone – it’s easy, user-friendly and convenient.
Directly impacted, however, are of course GCash users – around 1 million active users- providing a convenient solution for the users who live in remote areas and those who don’t have an easy access to the financial system. MoneyGram’s services allow them to receive money directly to their mobile wallet and use it immediately to pay for goods and services – can buy load, pay bills, scan-to-pay using QR codes at the mall and much more.
No hidden charges or extra steps
Yogesh Sangle, Head of Asia Pacific, Middle East and South Asia, explains that MoneyGram’s goal of equitable financial inclusion envisions a world where financial services are not only accessible, but also free or available at minimum cost. “Aside from convenience, MoneyGram ensures that there is no additional charge to use the service, although a standard charge applies for the transfer of money out of a user’s GCash wallet,” he supplies.
Remittances are an important part of economic development and financial inclusion around the world. They are integral to providing household essentials, education and healthcare. In some developing remittances are an integral source of income and remittance inflows make up a significant percentage of the gross domestic profit. According to the World Bank, the Philippines is the world’s third largest remittances recipient with $32.8 billion inflows in 2017, accounting for 9.9% of the country’s GDP.
MoneyGram believes mobile money is bringing financial inclusion to millions of people – allowing them to perform financial transactions with a new level of ease and convenience. In countries where there was limited or no access to formal financial services, mobile money has emerged as the primary payments system. MoneyGram views mobile money as a real opportunity to make international remittances more accessible for millions of people, and is especially important to those customers who live in rural areas that lack easy access to bank locations. We’re excited about the opportunity to leverage our platform to expand our reach to these digital channels and further our goal of joining with fast and reliable mobile wallets so consumers may send money anywhere and any way they want.
Providing customers with utmost convenience has always been one of MoneyGram’s thrust for its customers. And with the new partnership, it further reinforces its promise by providing customers access to their remittances, anytime, anywhere. All they need is a simple touch of a button on their GCash app.
After completing the KYC process via GCash app, a customer can receive money directly on the mobile wallet. This is additional, convenient channel for the customers in the Philippines to receive money their way.
The service allows overseas Filipino workers to send money from 350,000 MoneyGram agent locations in 200 countries directly to GCash users in the Philippines, said Yogesh Sangle, MoneyGram International head of Asia Pacific, Middle East & South Asia.
“As MoneyGram customers are going more and more online, instead of walking into physical shops, they also want to receive transactions in their online wallets in the Philippines,” he added.
“Apart from sending money in person, customers can transfer funds to their families and friends online (from the U.S., the UK, Germany, France and Spain). In most of destinations with significant Filipino communities, they can also use an ATM or self-service kiosk to perform a transaction (such as 7-Eleven stores in Australia). MoneyGram also provides the added value of compliance, having invested in a world-class compliance platform and the services of talented experts to strengthen the integrity of their services and enhance the security of customer transactions.”
Anthony Thomas, Chief Executive Officer of MYNT adds, “We provide the vital link to the OFWs’ families who are here. This provides convenience for those in remote areas with no access to financial services. We’re excited about our strategic partnership with MoneyGram. Now GCash customers can enjoy the convenience of receiving money from their families abroad directly into their GCash mobile wallet. With these funds they can buy load, pay bills, scan-to-pay using QR codes at the mall and much more. Plus, customers can enjoy exclusive incentives the more funds they receive in their GCash wallet.”
To celebrate the new partnership, MoneyGram and GCash have launched a promotion that will run for 3 months starting March 1 . New users will receive P200 for their first transaction with the new MoneyGram service powered by the GCash app.