GXI-RNET BOOST OPERATIONS OF RURAL BANKS AND COOPERATIVES NATIONWIDE. G-Xchange, Inc. President Paolo Baltao (4th from left) and Rural Net, Inc. Chief Executive Officer Daniel Arcenas (5th from left) lead the launch of CashKO, the country’s first 3-in-1 card designed to grow the businesses of rural banks, cooperatives and other agencies in the country. Joining them are (L-R): Mr. Eulogio Castillo, Cooperative Development Authority Administrator; Mr. Butz Aquino, Former Representative and Senator/Past Chairman National Cooperative Movement/Past Chairman Philippine Cooperative Center; Ms. Franchette C. Cardona, G-Xchange, Inc. Marketing Director; Mr. Ricardo Alair, G-Xchange, Inc. Sales Director; Ms. Renia C. Salinas, Victo National Chief Executive Officer and Atty. Edward Leandro Garcia, Rural Bankers Foundation Chairman.
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.
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.
RNet President Daniel Arcenas said that while universal and commercial banks will spend around P10 million to 20 million in putting up mobile and Internet-banking infrastructure for their clients, rural banks and cooperative banks that are members of the RNet will only be charged about P50,000 for the first two branches that they want to enroll in the CashKo mobile-payments platform.
“Automatically we are able to power up the RBs and co-ops who are members of RNet to have those technology. It’s cheap—no big investments, no big machines, no big computers, no data centers because everything is here [in the Rural Net Inc.’s platform],” Arcenas said.
G-Xchange Inc. President Paolo Baltao, meanwhile, said that the Rural and Cooperative banks’ access to technological advances in mobile and Internet banking, such as the “CashKo” platform, will help improve financial access to the unserved and underserved portions of the economy and, thus, promoting financial inclusion.
“We have been trying to establish a model with the rural banks and to get this financial inclusion going. We are trying to do this hopefully, once the member of the cooperative gets a G-cash wallet and starts doing e-payment, that’s when financial inclusion comes to play,” Baltao said.
As such, clients of member rural and cooperative banks will be able to avail themselves of the CashKo card and pay Social Security System bills, PayPal express payments and National Statistics Office payments through the said platform.
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G-Xchange Inc., the micro payments arm of Globe Telecommunications and Rural Net Inc. (RNet), a countrywide network of automated teller machines, signed an agreement on Friday, making payment transactions so much more convenient for people and at a price that’s affordable.
The two companies signed on Friday a memorandum of agreement (MOA) that will create a centralized mobile money platform offering Internet and mobile banking services to rural banks at a lower cost.
The collaboration, according to the two partners, resulted to the launching of a 3-in-1 “CashKo” money card that will be available to the clients of rural and cooperative banks. Transactions under the CashKo card are processed by Globe GCash. The card offers the convenience on an automated teller machine card with the added features of mobile and Internet banking.