Financial technology (fintech) services provider GCash said on Tuesday it will start charging a subsidized convenience fee for cash-in transactions made via two banking partners. According to GCash President Martha Sazon, the company will charge P5 for every cash-in via linked BPI and Union Bank accounts starting “later this year.”…
Financial technology services provider GCash said on Tuesday it will start charging a subsidized convenience fee for cash-in transactions made via two banking partners.
“The P5 convenience fee is only one-fifth of what is normally charged by other financial institutions. As GCash continues to scale, we still subsidize most of the charges as well as heavily invest in upgrading our infrastructure and reinforcing security services,” Sazon said. “This also ensures that our operations will remain seamless for all customers,” Sazon said. “Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos.”“For example, you can cash in P10,000 rather than cashing in P500 every time. So plan your cash-in so you don’t feel the P5 charge as much.”
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