A New Mode of Payment for Real Estate
Paying for your real estate matters it about to get easier.
GCash, the Philippines’ largest mobile wallet provider, just signed a partnership with Qwikwire, a cross-border payments platform, to innovate the local real estate payment transactions process.
Despite the boom of the Philippines’ real estate marketing, payment between buyers and sellers remain a tedious process. Payment is usually done via traditional post-dated checks (PDCs), bank deposits, over the counter payments directly to property developers or some, to their brokers. The partnership between GCash and Qwikwire strives to change this.
GCash is a BSP-regulated mobile money service company that facilitates transactions using your smartphone. Their services range from buying load, shopping online and in-store, sending and receiving money, paying your bills, investing, and more.
Qwikwire is in the business of providing comprehensive solutions for enterprises to help globalize businesses. Their services range from SaaS property management solutions, SAP-integrated billing and invoicing systems, cross-border settlements via licensed remittance channels, to property listing via their blockchain powered multi-listing engine.
Ray Refundo, the CEO of Qwikwire, envisions how this deal will revolutionize how payments are made in the Philippines.
“In the next 2–3 years, I firmly believe that there will be a significant change in how we do payments here in the Philippines. In the same way that most Filipinos skipped having a landline in their households and went straight to owning mobile phones, I think we can go from a society where most doesn’t have a bank account to turning their smartphones into a mobile wallet.”
The partnership will surely make the buying and selling process of real estate properties quicker and easier.
Anthony Thomas, the President and CEO of Mynt, a FinTech startup partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, also foresees a fruitful partnership.
“With the newly forged partnership of GCash with Qwikwire, revolutionizing the real estate payment scheme would be possible. Without a doubt, GCash and Qwikwire can perform better than the traditional payments system, since the convenience and accessibility that the partnership will create to the customers are based on the latest available technology in the country,” Thomas says.