GCash and Qwikwire partner to innovate real estate industry in Philippines
GCash and Qwikwire want to work together to bring the payments process into the digital age
Philippine-based mobile wallet GCash has announced that it has signed a deal with Qwikwire, a Philippines’ cross-border payments platform to innovate the local real estate payments transaction process.
In the Philippines, there has been a boom in the real estate industry over the last 5 years, but the problem is that people still pay their real estate dues through the traditional Post-dated checks (PDCs), Bank Deposits and over the counter payments directly to property developers or to their brokers.
The time-consuming methods also impose risks of fraud because of the lack of security in the payment.
With GCash, users can leverage on a mobile money service from the smartphones. The partnership has brought aboard clients of property developers — including DMCI, Century Properties, Double Dragon, Revolution Precrafted and more.
“In the next 2-3 years, I firmly believe that there will be a significant change in how we do payments here in the Philippines. In the same way that most Filipinos skipped having a landline in their households and went straight to owning mobile phones, I think we can go from a society where most doesn’t have a bank account to turn their smartphones into a mobile wallet,” said Ray Refundo, CEO of Qwikwire.
The partnership will also let transactions from Qwikwire’s clients to be handled and processed by GCash. For the first month, the facility is available only for association dues but later will be adding with the handling of reservation fees and payments for the monthly repayment process of the loan principal.
GCash is owned by corporate giants Globa, Ant Financial, and Ayala Corp. Qwikwire is a Philippines-based cross-border billing and invoicing startup for enterprises. Back in February last year, it secured funding from local VC firm First Asia Venture Capital and incubator Cerebro Labs.
A signing ceremony was held at the Mynt office in Taguig last December 6, 2018 with Mynt’s VP of Merchant Solutions, JM Ajuero, and Head for Online Acquisition, Ferdie Perez, and Ray Refundo, CEO of Qwikwire, along with the rest of the Qwikwire team to officially launch the partnership.
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