MANILA – Mobile wallet GCash has announced that transactions in using MasterCard or Visa bank cards will be charged 2.58% convenience fee starting July 6, 2020.
GCash said in a statement, that the fee will serve as the ‘direct charge of payment partners’ which will then be computed in the app for each transaction.
As an example, if the customer’s cash in is P100 to his Gcash wallet, a minimal convenience fee of P2.58 will be charged, bringing the total to P102.58.
GCash, however, clarified that other cash-in methods for banks such as BPI or UnionBank accounts will remain free. Other transactions linked through bank applications or websites powered by InstaPay will also be free of charge.
InstaPay transfer charges have currently been temporarily removed due to the coronavirus pandemic.
GCash reported a 700 percent increased in transactions during the implementation of a nationwide community quarantine. The mobile wallet company currently has 20 million users and more than 63,000 partner merchants as of last year.
Over-the-counter transactions through other payment facilities worth more than ₱8,000 will also be charged with a service fee of 2% of the amount in excess of the monthly limit.
The announced convenience fee received backlash from netizens, saying it took away the enticement of using the mobile wallet app.
GCash president and chief executive officer Martha Sazon assured its users that Gcash will not earn a single centavo from the direct charges implemented and that Gcash will continue to provide safe, convenient, secure, and affordable financial services to Filipinos.
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