1oth year G-Xchange, Inc. President, Paolo Baltao opened the floor during the G-Xchange and Rural Net MOA signing held at The Globe Tower recently to pave the way to rural banking and cooperative innovation through a mobile money platform that will provide innovative solutions to different sectors and make mobile money services more relevant to the growing market in the Philippines.
G-Xchange (GXI), a wholly-owned subsidiary of Globe Telecom that operates the telco’s flagship mobile commerce product GCash, further expands its reach nationwide as it partners with Rural Net, Inc. (RNet) to help create a platform designed to grow the businesses of rural banks, cooperatives and other agencies across the Philippines.
With the GXI-RNet collaboration, GXI developed a mobile money platform to create a secured ecosystem among RNet partners and clientele comprising of rural banks and cooperatives, including their branches, acquired merchants and billers as well as their clients and members.
“Our partnership with RNet will help improve operational efficiencies of rural banks and cooperatives by providing them a faster, secure and more convenient platform to serve their clients and give them access to banking and financial services even in the farther areas of the country,” shares Paolo.
RNet President Daniel Arcenas adds that the collaboration between GXI and RNet is giving birth to the Philippines’ first 3-in-1 card called CashKO. This will deliver to the rural banks and cooperatives industries’ affordable mobile phone and internet banking with ATM functionality all powered by Globe GCash. CashKo will enable these rural banks and cooperatives industries to leapfrog and be at par with the best and biggest banks at minimal entry cost and monthly costs, and provide their clients, members and communities with modern financial services technology.
CashKO aims to be the gateway to mobile banking in the countryside.
“I believe that we now have all the right mix. Our vision in order to reach the countryside, we have to work with the rural banking and cooperative industry because these two industries are the very forefront on the ground level in the fight for poverty and financial inclusion in the countryside,” said Arcenas.
“We aim to provide businesses with ways to reach untapped groups and companies in the rural areas through our new infrastructure program. RNet’s efforts place emphasis on rural banks and cooperatives as both serve as best avenues to reach rural communities. By end of May, we will have all the systems ready for the event pilot,” he added.
Once enrolled, CashKO cardholder gets 3-in-1 benefits such as ATM, Mobile Phone Banking, and Internet Banking facilities.
1. Cardholders can withdraw cash to any ATM nationwide, can enjoy limitless shopping, and can use CashKO as debit card in all 90,000 stores nationwide. CashKO card will also be accepted in all major credit card transactions via MasterCard starting in July 2014 and discover the fun of online shopping, worldwide.
2. The convenience of Mobile Phone Banking like sending money to loved ones, conveniently paying utility bills via phone banking, and transfer funds to and from any deposits to CashKO card account. That is mobile phone banking made easy where only the biggest and universal banks can afford this technology now available to rural banks and cooperatives.
3. Through Internet Banking, CashKO accounts can be accessed via internet banking.
Arcenas added that the best way to reach the rural market is through rural banks and for this year, RNet will focus its strengths in three areas: (1) as an extension of government services; (2) as collection and payments partner for service providers, including remittance from OFWs, payroll, bills payment through mobile and ATM, among others; and (3) as a provider of revenue stream among rural banks and cooperatives. Arcenas also noted that through rural banks, they have ready clientele for consumer products as they each have an average of 10,000 depositors.
RNet is an information and communications technology company based in Cebu City, which endeavors to link the aforementioned institutions in a secure, cost-effective system, allowing them to communicate and transact business within their network and with commercial banks, other third-party organizations and government entities. Its synergy with GXI expands both entities’ footprint throughout the nation, leveraging on the latter’s established existence and innovation in mobile banking.
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