Finally, the banks have seen the value of cooperating and the wisdom in opening up….
GCash and the Bank of the Philippine Islands (BPI) announced a tie up that will make it possible for GCash users to transfer their GCash funds to their BPI accounts. And vice versa.
It will be now more convenient for those who get paid via GCash as they are now able to transfer the funds from the GCash wallet to their BPI account, and withdraw same through the ATM. And for those who would like to pay someone via GCash, they can now fund their GCash wallets by transferring the funds from, say, their BPI Payroll account to GCash.
This is very good news, indeed, for those who are using GCash as a mode of sending and receiving money for online transactions. I know for a fact that in eBay.ph, this innovative product from GXchange, Inc. (GXi – a subsidiary of Globe Telecom), is the preferred mode of payment.
Most definitely a win-win scenario for both GXchange, Inc. and BPI. GXi can immediately tap BPI funds, thereby effectively extending their reach. Previous to this tie-up, GCash users had to go to a Globe Business Center, or other accredited GCash Merchants, to load their GCash wallets or wait to get paid by someone via P2P payment transactons. On the other hand, BPI will now also be able to entice new account openings from GCash users without a BPI account.
GCash and BPI has finally broken the barrier. Hopefully, this development will spur e-Commerce transactions and lead to more opportunities for would-be and existing enterpreneurs.
UPDATE (06.29.07, 2:12 PM Manila Time):
Fund transfer rates
- GCash to BPI – P70.00 or 1% of transferred amount whichever is higher
- BPI to GCash – P20.00 or 1% of tranferred amount whichever is higher.
Knightly News 
GXI has also tied up with over 40 rural banks that have more than 300 branches all across the Philippines. These banks are now using G-Cash platform to manage all kinds of banking transactions as well as promoting mobile commerce solutions for their clients who no longer need to fill out lengthy applications or maintain large balances in commercial banks to accept credit cards. No POS needed either, just their phones. This coming week the accredited rural banks will also be launching their new product Text-A-Withdrawal that will allow their clients to withdraw from their savings accounts via their mobile phones and have the funds transfered directly to their G-Cash wallet. Check out the video on these amazing services at http://www.youtube.com/watch?v=wz4HFSNgvuw
This is the kind of initiative that our country and other developing nations need. Getting the “marginalized” sectors of the economy on board the mainstream of banking as well as business transactions. GCash has, indeed, bridged the gap between the banked and unbanked population.
This innovative solution encourages the participation of even the lowliest and simplest of individuals in the countryside. A must in the task of nation-building.
Kudos to you and RBAP-MABS, John!