With the help of collaborative efforts with the private sector, the government’s bid for financial inclusion and digital payments partly improved.
Digital payments surged since the start of the pandemic last year because of movement restrictions and since then financial institutions, mobile wallet service providers and financial technology (fintech) firms have launched products that allow people to easily do financial transactions using their mobile phones.
“One company alone cannot solve the problem of accessibility,” GCash President and Chief Executive Officer (CEO) Martha Sazon said.
Sazon said GCash’s input in the government’s financial inclusion program is on the inclusion part, as it does not partner with one company alone but several entities to further serve the public.
“We don’t compete. We don’t seek to compete with the banks. Rather, we want to enable them, in fact, to reach the customers that they didn’t reach before, they couldn’t reach before,” she said.
She said they have teamed up with the BSP and several banks “because what we want is to partner so that together we can reach that inclusivity, that it would be more reachable for everyone.”