The Market is Learning

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.