In our previous blog post, we covered Smart Communications, the leading telecommunication company in the Philippines. Today we’d like to introduce to you Globe Telecom, a well-known rival of Smart in the Philippines.
The Philippine’s mobile payment market holds great potential due to the Philippines’ “mobile-first” culture and underlying disbelief towards credit cards. In such a market, Globe Telecom (also known as Globe) is the second-largest telecommunications company in the Philippines. Established in 1935, it is closely chasing the market leader with the goal of enriching everyday communications by simplifying and removing obstacles in communication technology. As of May 2015, Globe has claimed the top spot in mobile postpaid business and achieved 25% upturn in it’s mobile money customer base, becoming a more threatening rival to Smart Communication (largest telecom company in Philippines). Globe Telecom has a wide portfolio of products from landline/fixed-line telephone service, internet broadband, mobile banking and other ventures.
Payment Solutions of Globe Telecom
One cannot fully understand Globe Telecom without GCash.
GCash is an internationally acclaimed micro payment service which will turn your smartphone into a virtual wallet for safe and convenient money transfer. GCash offers a variety of services such as purchasing airtime load, sending money, and paying bills – all at the speed of a text message. It can be used not only in retail stores but also in online and mobile stores. GCash is continually expanding its existing portfolio in order to reach a bigger segment of customers.
Newest Additions to GCash Portfolio:
Partnership with American Express and MasterCard
GCash also offers American Express Virtual Pay and MasterCard, which gives subscribers a virtual account linked to their GCash wallets. With GCash American Express Virtual Pay, customers can purchase digital goods and services in international sites. GCash MasterCard is ideal for those who do not yet own a credit or debit card since it is a reloadable prepaid card which is linked to the GCash account.
In 2014, GCash launched Globe Charge, a mobile point-of-sale service for enterprises and SMEs. With Globe Charge, businesses can accept Master Card and Visa payments via smartphones or tablets, without applying for a credit card terminal from the bank. Some of the benefits users can enjoy by using Globe Charge include: more payment options, acceptance of both local and international MasterCard, Visa credit and debit card, and reception of the settlement as early as the next banking day.
Smart Money VS GCash
When we look at mobile payments in the Philippines, it is almost impossible not to compare Smart Money and GCash since they are the major players in the market. A fundamental service provided by both Smart Money and GCash is the e-wallet. The difference between the two is in the process of using the services. For example, GCash has a relatively easier sign-up process than Smart Money, however, Smart Money boasts a hassle free transaction process.
The Philippine’s e-commerce transaction through mobile device will continue to grow in future so it is important to have a full understanding of the two major mobile money platforms in the Philippines: Smart Communications and Globe Telecom. Although Smart has pioneered the mobile payment market, Globe is constantly trying the take a lead so we need to keep a close eye on their competition.