Go cashless, Alibaba founder urges PH

  • Page Views 868
  • Chinese technology billionaire and Alibaba founder  Jack Ma yesterday said the Philippines has the opportunity to embrace advance payment systems such as electronic commerce and electronic payment due to the prevalence of mobile phones.

    Ma, in an open forum at the  De La Salle University, said with wide penetration of mobile phone, the Philippines can become a cashless society where there is “no corruption (and) life is easy.”

    Ma also urged  small and medium enterprises which comprise 99 percent of the  businesses in the Philippines to adopt technology to sustain business growth and expand globally.

    Ma said the old economy should not be scared to change and adopt to technology, adding that change would make a difference in their companies in the first two to three years.

    “The old economy should not fear but (it) should change immediately … I’ve been doing that in China for many years , telling people (of) the new business model…, “ Ma said .

    Ant Financial Group a company owned by  Ma is expected to extend the advance mobile services of e-commerce platform  Alibaba in the Philippines through its investment in Globe Telecom Inc. unit Globe Fintech Innovations Inc. (or Mynt)  which is  wholly owned by Globe Capital Venture.

    Ma was present during the formal relaunch of GCash which was opened to the retail industry to allow customers to  make cashless payments using their mobile phones.

    Ma encouraged small business in the Philippines to expand to e-commerce.

    “As long as your service is good, your product is good you should , enable to compete with any big companies this is my belief,” said Ma.

    GCash  is expected to double its 5 million active GCashusers by next year driven by the aggressive expansion of electronic payments services to the retail industry.

    Albert Tinio, GCash president and chief executive officer, said it took Globe 12 years to reach 5 million GCashusers but he is optimistic this would double by 2018 with the expansion of GCash’s use by the retail industry making purchase easier and convenient for consumers.

    Currently, 400 merchants or retail firms acceptGCash as an alternative payment for cash. Tinio said this would increase to 4,000 merchants by yearend as the company is on track to further expand the electronic payment to merchants in all the Ayala Malls.

    GCash’s monthly transaction volume is at P6 billion and the companyexpects this to growfurther as the adoption of GCash increases.

    According to Tinio, bulk of the transactions are buying load, sending money, paying bills and retail purchases. While retail is still small,most of the transactionsare expected to come from retail as GCash continues to expand its services.

    With the expertise of Alipay Singapore Holding Pte, a unit of Ant Financial Group , Globe is optimistic it would sustain the growth of GCash services in the country, said Tinio.

    The recent joint venture of Ant Financial, Globe and Ayala Corp. is seen to speed up the country’s digitization to make the lives of Filipinos much easier as it opened the Philippine retail industry to electronic payments through GCash.

    Globe Fintech is 45 percent owned by Alipay, 45 percent by Globe Venture and 10 percent by Ayala.

    MYLA IGLESIAS (Malaya)

    Share

    One Comment For "Go cashless, Alibaba founder urges PH"

    New Posts Recently publish post More

    • 18 October 2018
      22 hours ago No comment

      Why Maine is well-loved, according to Coco

      Having worked with Maine Mendoza as his first-time leading lady, Coco Martin now understands why the actress-host is well-loved by her fans. Martin and Mendoza, along with comedy icon Vic Sotto, are starring in the Metro Manila Film Festival entry “Jack EM Popoy: The Puliscredibles.” According to Martin, they ...

    • 18 October 2018
      1 day ago No comment

      Family with lustrous image but dim relationship in “Kadenang Ginto”

      ABS-CBN brings another enthralling story that touches on family love that goes beyond blood ties in “Kadenang Ginto QUEZON CITY, PHILIPPINES- ABS-CBN offers another compelling story about a family that glimmers with love but tainted by hatred in its newest series “Kadenang Ginto,” seen outside the Philippines via The ...

    • 16 October 2018
      3 days ago No comment

      Presidential Car Museum Now Open to Public

      The public can now see up close the cars and other vehicles used by former Philippine Presidents with the National Historical Commission’s (NHC) inauguration of the Presidential Car Museum at the Quezon Memorial Circle, Quezon City, last August 19, 2018. These cars will surely transport Pinoys back in time ...

    • 16 October 2018
      3 days ago No comment

      “DARNA” has a new director

      It’s confirmed that the new big screen version of “Darna” starring Liza Soberano will no longer be directed by Erik Matti. The official reason given is creative or artistic differences. ABS-CBN has already released an official statement about this: “ABS-CBN, Star Cinema, and director Erik Matti have mutually decided ...

    • 13 October 2018
      6 days ago No comment

      “Walang Unli-Rice: A GMA News and Public Affairs Special” airs on GMA Pinoy TV

      GMA Pinoy TV, joins Jessica Soho—widely regarded as the country’s most credible broadcast journalist—together with award-winning documentarists Kara David, Maki Pulido, and Atom Araullo as they present and seek answers to one of the most pressing issues of today in “Walang Unli-Rice: A GMA News and Public Affairs Special”. ...

    %d bloggers like this: