With the digital economy accelerating, the Philippines' leading finance app and cashless ecosystem GCash has become a trusted partner of MSMEs by creating meaningful and responsive solutions that make it easier to access digital financial tools. GCash's impact on MSMEs is a testament to the company's steadfast commitment to delivering Finance For All.
Davao Premium Food Venture Co., which franchises popular food brands in the Philippines, attests to the value of GCash on their business after being a partner for three years. Owners Kay Anjella Alcober and Jarre Cubio have seen GCash contribute a significant 5% to their company's revenue share, giving them the confidence to plan further expansion. This demonstrates how GCash is a key part of businesses' growth strategies.
GCash also makes an impact on small businesses in communities, such as DKM Pharmacy. Since becoming a GCash Pera Outlet Partner a year ago, DKM Pharmacy owner Madelyn Leonin has received an additional monthly income of P12,000, proving the impact of digital finance in generating more revenue streams. Meanwhile, Ailyn Javier's internet cafe and sari-sari store, Icy Cyberia Internet Cafe, is popular in her neighborhood because of the adoption of GCash attractin residents, workers and delivery drivers.
These success stories shows GCash's commitment to bringing financial inclusion to MSMEs. By providing tools such as cashless payment services (Scan to Pay, QR payments, Send Money, API Integration, Funds Disbursement for payroll streamlining, wallet limit upgrade) or access to fair lending through GLoans For Business, GCash empowers MSMEs to stay competitive in a digitally evolving landscape.
"MSMEs make up more than 99% of businesses in the Philippines and contribute 35% to 40% to the gross domestic product of GDP," said Jong Layug, GM of GCash B2B. "GCash's commitment is to create a dynamic and responsive financial ecosystem that enables these businesses to thrive. When small businesses grow, they, also spur growth in their communities."
Through GCash for Business, MSMEs have an entry point to cashless payments. This is especially crucial for retail and F&B businesses that rely on high-volume transactions, and which benefit from a faster and more efficient customer experience. GCash is constantly innovating to meet a wider range of needs and challenges, and improve services that have proven essential to MSMEs.
It's already in the works, retail and F&B businesses will soon be able to accept GCash payments with just a tap, cutting down long lines and the need for smaller enterprises to onboard additional manpower.
Another GCash innovation on the pipeline is a more affordable terminal that makes use of audio QR codes, which immediately confirm payment through an audio notification. This will reduce the effort on the part of customers to present the eReceipt of their GCash payment for proof. MSMEs that handle long lines will benefit from the convenience of the audio confirmation. The feature also enables portable payments, which is especially useful for MSMEs with booths and kiosks.
Another new innovation on the near future is a device made especially for MSMEs, and provide businesses with the convenience of an affordable, lightweight, and portable device.
Not only that, GCash is rolling out its DigiCities program in 27 cities to provide digital finance to more MSMEs.
"GCash is only as good as its latest innovations- our technology is constantly evolving, and so are the needs of MSMEs. We need to make sure that the ecosystem that we are constantly developing addresses their needs," said Martha Sazon. "Since our vision is Finance For All, we are always thinking of developing new tools and functionalities that will be useful for everyone i the digital economy, including MSMEs. This makes us the trusted partner of businesses, big and small, nationwide."
Some of the cities that have already being empowered through DigiCities include Quezon City, Manila, Caloocan, Paranaque, Muntinlupa, Baguio, San Fernando, Bacoord, Sta Rosa, Lipa, Iloilo, Bacolod, Tagbilaran, Victorias, Davao, Cagayan de Oro, and Genera; Santos City.
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