If you’re a frequent GCash user, you have probably heard about the announcement that a new convenience fee for cashing in using linked Visa/MasterCard bank cards will be implemented beginning 06 July 2020, amounting to 2.58% of the total amount to be cashed in per transaction.
Many people have expressed displeasure upon hearing the news because an additional expense is something that we don’t want to get especially during this time of pandemic.
However, GCash wants to clarify that the said fee is something that their card payment partners have imposed as a direct charge to them and they do not earn anything from the 2.58% convenience fee. GCash emphasized that the recent increase in charges could have not happened if not for the increase in fees implemented by their card payment partners.
Now if you are looking for other alternative ways to cash-in for free, the good news is that GCash have been providing other cash-in methods that are free of charge like cash-in via linked BPI or UnionBank accounts or through a bank app or website powered by InstaPay:
- With BPI and Unionbank accounts to your GCash, you can cash-in conveniently with no charges
- There are the benefits of linking your bank account directly on top of being free, being to cash-in. Definitely, and the convenience and safety
- Even with these changes that we have, GCash planned out, remember that users can still cash-in to their GCash account using the InstaPay network if it is supported by their bank (https://help.gcash.com/hc/en-us/sections/900000085683-Cash-In-via-Bank-EMI-Apps-InstaPay-)
- Directly sending online payment is safe and easy. Again, always remember that the higher percentage of taxes as pass-on fees by GCash payment partners
Despite the many challenges that the company foresee, GCash is still the most competitive mobile wallet in the market considering the charges:
- Lower fees than other mobile wallets, where a flat rate of P30 is charged for cash-in transactions (especially for cash-in transactions below P1,000).
- There are already 70,000 partner merchants nationwide accepting GCash
- Cash-ins to customer with linked bank accounts or via InstaPay network
- Value-added services of PMAP like GCredit, GSave, and GInvest
- Effective convenient payment of bills through GCash Pay Bills, and bank money transfers through GCash Bank Transfers
In the midst of COVID-19 pandemic, GCash will continue to be a reliable and safe platform that any one can use to pay for product or services, order food online and a lot more.