Globe Telecom Inc. through its wholly owned mobile commerce subsidiary, Gcash, has partnered with information and communications technology company Rural Net Inc. (RNet) to enable people in the countryside access financial products from rural banks and cooperatives through the use of mobile and internet banking.
On Friday, G-Xchange Inc., (GXI) the operator of Gcash, signed a memorandum of agreement with RNet to launch the country’s first 3-in-1 card called CashKO, to further tap the unbanked segment of the population.
RNet President Daniel Arcenas said that CashKO will deliver affordable mobile phone and internet banking with ATM functionality to the partner rural banks and cooperatives.
The 3-in-1 card will enable these rural bank and cooperative industries to leapfrog and be at par with the best and biggest banks at minimal entry cost and monthly costs and provide their clients, members and communities with the latest financial services technology.
“We aim to provide businesses with ways to reach untapped groups and companies in the rural areas through our new infrastructure program. RNet’s efforts place emphasis on rural banks and cooperatives as both serve as the best avenues to reach rural communities,” Arcenas said.
Powered by GCash, clients of these financial institutions can use the CashKo in availing themselves of services from government agencies, transacting with overseas Filipino workers for remittances, payrolls, and bills payment through mobile and ATM.
“Our partnership with RNet will help improve operational efficiencies of rural banks and cooperatives by providing them a faster, secure and more convenient platform to serve their clients and give them access to banking and financial services even in the farther areas of the country,” Paolo Baltao, GXI president said during the agreement signing.
RNet’s partners and clients consist of 300 rural banks, including their more than 1,000 branches, top 2,000 cooperatives, 4,500 merchants and billers, as well as their clients and members nationwide.
“As a leader in innovation and in providing business solutions for financial institutions, we are capable of creating a platform for other businesses to extend security and convenience to their clientele,” Baltao said.
He added that the partnership signifies GXI’s capability to provide innovative solutions for different sectors and make mobile money services more relevant to the growing market in the Philippines.