G-cash is a winner
November 16, 2004Looks like G-cash is a winner. Unlike Smart’s SmartMoney, there’s no need for the user to change SIMs. The transaction fee (for mobile users) to convert G-cash into cash is relatively small - only 1%. For merchants, the fee is 0%. Globe will sweep your merchant funds into your bank account daily. (This works only for a few banks; BPI is obviously one of those banks, but I understand Union Bank is supported as well).
And Globe has an XML API that allows online merchants to accept G-cash payments by using a virtual SIM. This means that an online merchant won’t need to use a GSM modem to transact with G-cash mobile users. No worries about an employee prying the SIM loose from the GSM modem the transferring your G-cash to another mobile.
Converting one’s prepaid load into G-cash won’t happen right away though; this is because globe merchants buy credits at a 14% discount from Globe. Hence P100 in your prepaid SIM means P86 in Globe’s coffers. There’s also an accounting problem here in that Globe prefers to look at that P86 as ‘profit’. If that P86 is still convertible to G-cash, Globe will have to modify its accounting system to track how much of its ‘profit’ is still convertible to G-cash, and how much of it is real genuine bookable profit.
The converse (converting G-cash into prepaid credits) will happen more quickly though (and very rapidly). If I have G-cash in my SIM, and I needed to buy prepaid credits, all I’d have to do is send G-cash to an Autoload Max vendor, and he can then send me my prepaid load via SMS. But I’ll bet Globe is working on a way to provide this service directly, thus saving Globe 14% in commissions.
Next step will be to integrate G-cash into the ATM network, so users can easily transfer cash from a Megalink or Bancnet bank into G-cash. Once G-cash becomes really popular, you may see Autoload Max merchants selling prepaid credits at far less than their 14% spread. (Eg - a P100 load, that cost an autoload max merchant P86 to purchase, might be sold for only P93).
Some final thoughts
- Globe should introduce the concept of having a “holding period” (say 24 hours) on g-cash transfers before said g-cash can be used. Suppose for instance that someone held you up at gunpoint, demanded your G-cash MPIN, took your mobile, then proceeded to transfer your G-cash to his own mobile account. This money should be frozen until such time that you can inform Globe that you’ve been robbed. Globe should then introduce the concept of “friends & family” so that all g-cash transfers to known “friends and family” won’t be subject to holding periods. This way, people will have more confidence in keeping large amounts of cash in their G-cash accounts.
(clarification: if you’re a merchant, and you receive G-cash, it’s still as good as cash. The fact that it’s been transferred to your account, means that the cash has already been subjected to the appropriate holding period. It just means that you won’t be able to use this cash for another 24 hours, unless you’re a “friend” of your client).
Needless to say, we at DotPH will be implementing G-cash in a big way.
Previous Comments
Not even 2/10 of the Filipinos knows G-Cash and I Bet you neither G-Cash user will invest thier 2/10 of their money to G-Cash less even care, so I think you have not to worry about rubbing, or theif in the system. I think the mere person that will be interested in G-Cash money would be Globe Employees, 'cause they would be the one who knows G-Cash much.
Posted by Xtreme at May 24, 2005, 8:44 amI myself introduce G-Cash to my brother because of the fact that sending money by bank is limited to a 9am-3pm. Though there is also fund transfer feature in ATMs a lot of people do not use this often because of the “uncomfortability” in front of an atm machine. The fact that Globe Business Centers are widely available in the malls at operating hours I can make sure that during the urgent times there is a fund transfer that I can count on. I agree to Job Oberio, G-CASH SENDING FORM IS NEVER USER FRIENDLY. I mean the how can Juan dela Cruz understand this kind of english writen forms. Please be more kind to me as a Pinoy. I love the Filipino language and please have forms with Pinoy translation. I remember one day, i noticed several “Juans” in an LBC center. I noticed if only these people thinks the same cleverness as you or me or any computer literate individual they won’t end up waiting in lines only to send/receive cash.
Posted by PINOYSHOPPERS AGENT #8 at December 24, 2006, 8:57 pmVery well said! Hit me hit me hit me hit me! UHHHH!! YEAHHHHH
Posted by dropper at January 26, 2008, 2:20 amsmart money to smart money transfer is way cheaper than g-cash cash -in/out
smart money transfer breakdown:
source pays P2.50 in airtime load
receiver pays: P3.00 credited in smart money card when withdrawing @ BDO atms
total= P5.50
g-cash transfer breakdown:
cash-in: free
cash-out: P10 or 1% of value
5.50
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i would disagree with the 24 holding period.
as this would only cause inconvenience to merchants and regular users.
The scenario you mentioned is unlikely to happen, first how will the holdupper knows that you have this money in your gcash? i dont think this criminals will even asked “pare.. may gcash ka ba?”
if they will robbed you, they would likely want cash/cellphone. They are not interested in some form of electronic money “baka mahuli pa sila lalo”
and besides you cannot ENCASH your gcash without a valid ID.
- when your customers sends you money via gcash and they are Non-Globe subscriber.
they will have to know your mobile number, full name, complete address,etc..
you need to ask first the recipients name, complete address, etc…
“MOBILE NUMBER and NAME is enough.”
if the sender made an error and send it to a wrong cell number and incidentally
have the “same” name with you. Thats is his fault. “Treat it as cash”
anyway in the form you have to affixed your signature to state that
the details you provided is TRUE and CORRECT.
- the GCASH sending form (the paper) is NOT “senders” friendly!!!! I MEAN IT!!!
you have to fill up lots of details and the way the it is organized is very very bad and confusing.
THE FORM SHOULD ONLY CONTAINS THE FF:
- senders name
- senders mobile number
- recipients name
- recipients mobile number
very simple diba?
i myself was able to fillup the sending form for more than 15 minutes
because i need to fillup those unnecessary infos.
lets make things simpler and user friendly and fast!
take the case of GOOGLE, they create simple, fast and efficient and VERY VERY USER FRIENDLY
applications.
i am using both globe gcash/smartmoney in my business.
One more thing, Where can i get those XML API?
Posted by job oberio at February 5, 2005, 9:28 pmhavent seen it in their site.