Mynt – the financial services subsidiary of Globe Telecom – signed a deal with remittance company MoneyGram to enable payments into the operator’s money app from 200 destinations around the world.
The agreement will allow users of the Mynt-operated GCash platform to receive payments directly from overseas and add them instantly to funds held in the mobile wallet service. These can then be spent through the usual channels.
In a statement, MoneyGram said the Philippines was the third most popular destination in the world for remittance with $32.8 billion entering the country in 2017. According to World Bank this is equivalent to almost 10 per cent of the nation’s GDP.
MoneyGram global chief revenue officer Grant Lines said: “The partnership with GCash provides a great opportunity to our customers, especially from remote, unbanked and underbanked Filipino communities to receive money conveniently.”
Although a subsidiary of Globe Telecom, Mynt also counts conglomerate Ayala and Alipay-owner Ant Financial – which recently failed in a bid to acquire MoneyGram – as major investors.
After Ant Financial’s talks with MoneyGram were abandoned the pair said they would work on “strategic alliances” in a range of markets.