IN its drive to boost financial inclusion in the Philippines, leading mobile wallet app GCash continuously innovates digital financial products and services to help boost the growth of women-led enterprises, especially the micro, small and medium enterprises (MSMEs) in the country.
Women play an important role in driving economic growth in the new normal. According to a Policy Note published by the Philippine Institute for Development Studies, 43.62 percent of women-led MSMEs were established when the Covid-19 pandemic began in 2020. Due to mobility restrictions caused by this health crisis, women leaders fully embraced digitalization in managing their enterprises.
As a diversity and inclusion advocate, GCash President and CEO Martha Sazon believes in empowering women as they thrive in managing businesses in this digital age. Breaking the stereotype in a male-dominated tech industry, women comprise almost half of GCash employees, and over half of its leadership team are women change makers. These women are all part of the company’s mission of championing financial inclusion for all Filipinos.
“GCash is at the forefront of making financial services accessible to all Filipinos. As more than 50 percent of GCash users and social sellers are women, we empower millions of women in businesses all over the Philippines with real-time payments and transfers, and various affordable financial services that fit their everyday needs,” Sazon told reporters in an online news briefing.
Racquel Holazo, Key Accounts, Conglomerates and Fast-Moving Consumer Goods (FMCG) Head of GCash, said they help retailers and FMCG companies to develop a secure digital payment channel that complements their e-commerce strategies. “Retailers and entrepreneurs shifted to having an e-commerce shop and online selling. People started embracing digital payments for ordering food and groceries online. The Filipinos pivoted and embraced technology, and we really saw the shift to digital adoption,” said Holazo.
Iconic brand National Book Store also tapped GCash to achieve a seamless digital transformation “All of these have been supported by GCash, which enables our customers to enjoy safe and seamless cashless transactions at our stores or from the comfort of their homes,” Xandra Ramos-Padilla, Managing Director of National Book Store explained.
Another essential service provider supporting MSMEs and contributing to the country’s economic recovery is instant courier app Lalamove. “Since the onset of the pandemic, Lalamove’s top priority has been to ensure continued access to livelihood for our Partner Drivers and fast delivery service to our users,” said Dannah Majarocon, Managing Director, Lalamove Philippines. To ensure the safety of its partner drivers and customers, Lalamove partners with GCash in providing a cashless payment option.
GCash also helps companies in enhancing talent experience. “Implementing the GCash digital wallet as part of our rewards program provides flexibility to support our staff’s varying needs and the convenience for them to fully enjoy their much-deserved rewards. This helps us optimize the value of our rewards program,” Hazel Banas, Vice President for Human Resources of Concentrix said.
The convenience of having an e-wallet is felt not just in private companies but also in government and government-controlled enterprises. “Adoption of digital payments has become a necessity within the public sector to enable safe and convenient transactions for Filipinos during the pandemic,” said Cathlyn Pavia, Public Sector and Partnerships Head of GCash.
The Makati City government, for instance, has partnered with GCash to optimize its Makatizen Card program. At the height of the pandemic, it was the first city in Metro Manila to use the GCash platform, one of the Makatizen Card’s main features, to distribute cash aid to Makatizens. It was also the first city to transfer the biggest amount to the most number of beneficiaries in one day—P360 million to over 72,000 Makatizens. GCash also provides a safe and convenient access to other city-provided social benefits for senior citizens, Grades 6 and 12 graduates in public schools, and Makati scholars.
“This digital innovation has allowed us to connect to our constituents and help them during difficult times despite the restrictions on mobility, becoming a lifeline during the pandemic,” Makati City Mayor Abby Binay said.