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Thanks to the relationship with AWS, GCash will be able to keep up with the growth of the Philippine digital economy.
MANILA – The Philippines’ top mobile wallet app, GCash, was prepared for the unprecedented expansion of the digital economy during the COVID-19 pandemic. The e-wallet app was able to further improve the abilities and experience of its consultants, engineers, architects, and developers to keep up with the rise of digital transformation in the nation because of its partnership with Amazon Web Services (AWS).
GCash President and CEO Martha Sazon spoke at the AWS Summit ASEAN, an occasion attended by technology and business decision-makers to learn about cloud technology “The epidemic accelerated the uptake of digital services, causing the internet economy to grow. We made sure GCash was ready for the surge and ready to be a lifeline for Filipinos and Filipino businesses in anticipation of the shift to the online world.”
Due to the partnership with AWS, which has streamlined its business process, which is essential in a world driven by technology, more innovative digital financial services and effective digital business solutions have been made possible. With the help of AWS’ well-designed framework, GCash was able to reduce costs and save almost USD3.8 million on cloud-related expenses in 2021.
By quickly automating its financial procedures using advanced robotic process automation on AWS, GCash was able to reduce the processing time for a recount, refunding, and resettlement by over 85%, saving the business more than 2,600 man-hours each month.
The development of creative and accessible financial solutions like GGives, a “buy now, pay later” product, and GCashPera Outlet (PO), a digital solution for micro, small, and medium firms, has helped GCash further grow its platform to empower Filipinos, Sazon underlined (MSMEs).
Sazon also revealed the following in a separate interview with Foo Boon Ping, the managing editor of the Asian Banker, a prominent platform builder and source of strategic intelligence in the financial services sector “We are constantly coming up with new ideas to improve the lives of Filipinos, particularly the unbanked. When the world fell apart, we gave millions of Filipinos power through AWS. As the world gradually opens up, we will continue to cooperate with AWS and offer chances to improve every Filipino’s quality of life.”
Conor McNamara, managing director of AWS ASEAN, also provided his perspective on working with GCash.
“When your company is growing as quickly as Mynt is, you need to be able to scale quickly and support your rapidly expanding customer base. Mynt also has a highly aggressive product innovation strategy. In order for AWS and Mynt to be as productive as possible in terms of introducing new products, having access to on-demand cloud infrastructure, and offering cutting-edge services, we’re also heavily focused on training developers, enhancing their productivity, and ensuring that we give our local, regional, and international team access “said McNamara.
In the Philippines, GCash has more than 66 million users who rely on the app for their basic financial transactions, such as sending money, purchasing prepaid load, paying bills, and bank transfers. In addition to these, the e-wallet app provides a full range of financial services, including GSave, an online savings account, GInvest, a simple investment feature, GCredit, a personal credit line with a credit limit of up to P30,000 and an interest rate of up to 3%, and GLife, the GCash app’s e-commerce feature that enables users to shop for special discounts from brands in the retail, food, gaming, entertainment, and transportation industries.
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