Go cashless, Alibaba founder urges PH

  • Page Views 1330
  • 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

    • 12 April 2019
      1 week ago No comment

      Canada celebrates 40 years of the refugee sponsorship program  

      More than 327,000 refugees have found safe haven in Canada   Ottawa, ON – As Canada’s Private Sponsorship of Refugees Program marks 40 years, Canadians are being celebrated for their immense contributions and dedication to provide a safe haven for vulnerable refugees around the world.    Canada has also become a model for other ...

    • 12 April 2019
      1 week ago No comment

      Surrey Libraries Hosting Indigenous Authors & Storytellers for Children 

      Surrey, BC – Surrey Libraries is excited to invite the community to meet and hear from Indigenous Authors & Storytellers share their stories at several events around Surrey in April. Inspiring and passionate storytellers, Nicola Campbell, Wanda John-Kehewin, Richard Van Camp, and Michael Kusugak each have a unique voice and have written ...

    • 12 April 2019
      1 week ago No comment

      Cable cars eyed to connect malls 

      Transportation Secretary Arthur Tugade is pushing for a collaboration with a businessman for the use of the latter’s mall chain to develop a cable car system that would help ease road congestion in Metro Manila.  In a press conference, Tugade said he is in talks with a businessman for the development of a ...

    • 12 April 2019
      1 week ago No comment

      Cardinal Tagle hits people who lie “for political expediency, out of fear’

      CARDINAL Luis Antonio Tagle, archbishop of Manila, on Wednesday, lamented on how it has been “easy to change truths” and criticized people who lied “for political expediency or out of fear.” “Test of that freedom in truth is when you are persecuted. How easy it is to change truths. ...

    • 12 April 2019
      1 week ago No comment

      Manny Pacquiao personally training son Jimuel

      Manny Pacquiao has started to personally train his son Jimuel despite his earlier opposition to the teen’s dream of following him in the boxing ring. Pacquiao’s wife, Jinkee, posted a video of one of the training sessions and said she was already crying just watching her husband and son. ...

    %d bloggers like this: