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Analysis of local payment methods: local digital Gcash in the Philippines and bKash in Bangladesh

2023-03-14 08:45:33
epay

In China, the most well-known e-wallets are Alipay and WeChat Pay. The popularity and coverage of these two e-wallets are on top of all kinds of E-wallets in the world.  Now, Alipay and WeChat Pay have already penetrated the international remittance industry, helping cross-border funds flow faster.

Like Alipay and WeChat Pay in China, almost every country has its own local e-wallet. In addition to the well-known Paypal, t

Philippine local digital wallet—Gcash

Gcash is known as the Philippine version of "Alipay". It is an e-wallet owned by Globe, a Philippine telecommunications company, and also receives technical support from Ant Financial.

The function of Gcash is very similar to Alipay. GCash has extremely rich functions, and a smooth experience and the payment success rate is the highest among all e-wallets in the Philippines. It has a very good reputation among merchants and the public. As the largest e-wallet in the Philippines, Gcash is becoming more and more dominant in the field of e-wallets in the Philippines.

Therefore, for companies extending their business to the Philippines, if they access Gcash as a payment method, it means the company has obtained more than 66 million invisible consumers. Regardless of whether it is an e-commerce platform, a platform such as live streaming, or a gaming platform, it is very necessary to embed GCash.

Bangladesh local digital wallet—bKash

Like Gcash, bKash also gets support from Ant Financial and the obtained most advanced payment technology provided by Alipay. In less than 2 years after receiving strategic investment from Ant Financial, the number of bKash users has grown from 30 million to nearly 50 million. About 500,000 Bangladeshis currently receive their salaries through bKash.

bKash continues to expand its business coverage through continuous expansion of cooperation with merchants. Currently, it has connected more than 50,000 merchants, and its business scope covers stores, medical care, education, and other areas of people's lives.

If overseas enterprises want to realize the localized payment method in Bangladesh, the bKash wallet is the first choice among many payment methods.

Epay provides free API access of Gcash and bKash to the platform,  allowing your platform to obtain local payment methods. If individuals need to remit money to the Philippines or Bangladesh, they can also remit through Gcash and bKash. Cross-border funds can also be transferred instantly, and the handling fee is lower than that of bank transfers.

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