Customers can expect better services from financial service provider Gcash after its parent firm Globe Fintech Innovations Inc. or Mynt acquired 77 percent of Globe Telecom Inc.'s stake in Electronic Commerce Payments Inc. or ECPay for P2.31 billion.
In a stock report on Monday, Globe disclosed that ECPay's minority stakeholder, Payment One, Inc., is also a party to the transaction —
effectively making it a full acquisition of ECPay by Mynt.
The deal is still subject to regulatory approvals but once it is closed, ECPay will have access to GCash's platform which would translate to easier and more seamless services for users.
"Mynt's digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up," Globe's Chief Finance Officer, Rizza Maniego-Eala said in the report.
"With ECPay in Mynt's capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem," she added.
Meanwhile, for Globe President and CEO Ernest L. Cu, GCash's "aggressive expansion" presents a "perfect environment for strategic synergies with ECPay."
"Mynt's acquisition of ECPay will enable more efficient and effective sharing of each other's strengths and resources, thus creating a seamless and upgraded experience for their customers," Cu said.
Incorporated in 2001, ECPay is one of the leading electronic payment service providers in the country. It was acquired by Globe in 2019 to enhance its distribution network.
The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets.
Aside from boosting payment services, GCash, through its subsidiary Fuse Lending Inc., is also improving its lending services to its end-users. The recently said it expects to disburse hundred million pesos more loans to Filipinos in need — a move that will uphold digital and financial inclusion nationwide.
Since 2016, Fuse has disbursed P100 billion in loans and has helped over 3 million Filipinos achieve their dreams.
