GCash Parent Company Gets Green Light to Fully Acquire ECPay

GCash’s parent company, Globe Fintech Innovations Inc. (also known as Mynt), has officially received the go-ahead from the Philippine Competition Commission (PCC) to acquire 100 percent of Electronic Commerce Payments Inc. (ECPay). This move marks another big step in expanding the reach of digital financial services in the Philippines.

The deal involves Mynt buying all of ECPay’s shares from Globe Telecom and Payment One Inc. Globe actually acquired ECPay back in 2019, so this transfer will bring the company fully under the umbrella of GCash’s parent.

ECPay is a familiar name in the payment processing world. It provides services like bill payments, mobile phone top-ups, e-wallet and cash card reloading, airline ticket payments, and even credit card settlements. With GCash being the leading e-wallet app in the country, this acquisition is expected to strengthen its backbone in payment services.

But here’s what makes this deal more interesting: to ensure fair play in the industry, both Mynt and ECPay have made several commitments to the PCC. They’ve promised to be transparent with their fees and will publish these transfer charges across different platforms, including through sari-sari store partners.

To avoid any monopoly or unfair advantage, they’ve also agreed to keep their IT systems separate, treat all business partners fairly, and maintain good quality services for everyone, from customers to merchants. A competition compliance officer will be designated within each company to make sure all these promises are upheld.

The PCC noted that these agreements were officially signed on May 13. The commitments are valid for at least three years but may be extended to five, depending on how the market evolves over time.

Mynt’s plan to acquire ECPay was first revealed in October 2023. At the time, Globe said the move would help GCash push further into the fintech space and open up financial services to more Filipinos, especially those who still rely on over-the-counter and offline payments.

With this acquisition now cleared, GCash is expected to make its services even more accessible and efficient, especially for everyday consumers and micro-entrepreneurs.