Prior to the on-going pandemic, the Philippines had already seen prominent growth of the digital payment space, where credit and debit card transactions rose by 18% and 15% respectively, while eMoney transactions logged a 36% increase. More Filipinos are becoming dependent on the use of cashless alternatives for payments during this pandemic, and it is expected that the data for 2020 will reflect a more massive surge.
Fintech startup JazzyPay recently inked a partnership with GCash to provide cashless payment solutions to essential businesses. Establishments like hospitals, clinics, and schools across the country may now accept payments using GCash, which is now directly integrated into JazzyPay’s PCI DSS Level 1 compliant platform.
Last May, GCash recorded a 700% rise in transactions and expects to hit PHP1T worth of transactions by the end of 2020. With more than 26 million users, Mynt-operated GCash has been at the forefront of accelerating the adoption of digital payments in the Philippines and has also been recognized by the Bangko Sentral ng Pilipinas for its transformative digital financial services.
JazzyPay caters to businesses of all types and sizes but has a specific focus on targeting essential businesses such as hospitals, clinics, and schools. Co-founders Joshua Marindo and Kathleen Acosta both encountered incidents when crucial medical treatments were delayed due to not having cash upfront, which inspired their mission to provide fast and secure cashless solutions for essential services.
“For the Philippines to truly move forward in becoming a cashless society, these essential institutions need to be catered to as well,” according to Kathleen Acosta, Co-founder and Chief Operating Officer of JazzyPay. “Partnering with GCash brings us a step closer towards our goal of providing cashless payment solutions for essential businesses. GCash also gives every Filipino the means to pay online and thrive as the Philippines accelerates towards the financial digital age.”
True to their mission, JazzyPay makes it easier for businesses to accept online payments through their fast onboarding process, wherein merchant applications can be approved in as fast as 1 business day after submitting all the registration requirements. Merchants also do not need to pay a registration fee, a setup fee, nor meet a monthly sales volume quota.
“Going beyond the definition of an e-wallet, GCash has now become a lifestyle app which greatly impacted Filipinos’ lives for the better amid the pandemic by helping them stay connected financially through contactless solutions. We are happy to partner with JazzyPay because we know that through the strong collaboration, we can help more and more Filipinos adapt to digitalization thereby promoting financial inclusion,” said Martha Sazon, President and CEO of Mynt.