GCash, the leading mobile wallet in the Philippines, and 7-Eleven, one of the largest convenience store chains in the country, announced today a strategic partnership that will allow GCash account holders to pay for their purchases in 7-Eleven stores via the revolutionary Scan-to-Pay (STP) via Barcode feature in the GCash app.
With the growing demand for frictionless transactions, GCash and 7-Eleven are providing greater convenience and security to their customers by introducing the new payment option for physical purchases in 7-Eleven stores across the country.
“This partnership is anchored on the shared goal of enabling more Filipinos to participate in the digital financial landscape. By allowing 7-Eleven stores to accept GCash STP via Barcode payments, we are bringing the vision of building a cashless Philippines,” GCash President Anthony Thomas said.
To use GCash’s STP via Barcode, 7-Eleven customers only need to generate their unique barcodes through the GCash app and allow the cashier to scan their barcodes to complete the transaction.
These two easy steps streamlines the already-frictionless QR code system. With STP via Barcode, merchants do not need to have a QR key code, which the customer scans to transact. Merchants also need not to have their own mobile devices to verify the payments, as STP via Barcode is already integrated in the merchant’s point-of-sales.
“After scanning barcodes to redeem promotions and reload accounts for over 5 years now, including taking payments from our CLiQQ wallet over the last two, we believe we have built the most convenient payment experience in the country, and that the time is right to open up our infrastructure to partners who share our vision.
We are pleased to partner first with GCash, whom we have been working with for several years. Many customers already visit us to cash-in their GCash wallets, now they can use those same wallets to pay for their purchases as well as participate in our CLiQQ loyalty program.” 7-Eleven President and CEO Jose Victor Paterno said.
Supporting BSP cashless vision
The partnership between the fintech leader and the convenience store chain pioneer also supports the Bangko Sentral ng Pilipinas’ (BSP) goal of creating a more cashless Philippines starting this year by migrating 20 percent of the total transaction to non-cash means such as digital payments.
Already, based on a study conducted by the Better Than Cash Alliance, a United Nations-backed organization, the Philippines is close to reaching this target. According to the study, digital transactions now account for 20 percent of the total value of transactions, while 10-percent in terms of volume in 2018.
“As a strong government partner and the leader in mobile digital payments, we at GCash remain relentless in developing more products and services that will fit perfectly into the government’s plans for the country’s financial landscape. Our vision for 2020 is to continue to push for the development the GCash platform to enable more people to participate in the digital financial revolution,” Thomas said.
STP via Barcode is now available in more than 2,800 7-Eleven stores in the Philippines. It is also available in majority of Puregold outlets and Starbucks stores nationwide.