Mynt to Acquire ECPay to Serve MSMEs Better, Boost Bills Payment Business

Mynt, the holding company of the Philippines’ number one finance super app, GCash, has entered into an agreement with Globe Telecom Inc. and Payment One, Inc. to acquire a 100% stake in Electronic Commerce Payments, Inc. (ECPay), for PHP3.0 billion.

Mynt believes its acquisition of ECPay will strengthen its position as a partner for growth of micro, small, and medium enterprises (MSME). This also allows Mynt to create a more comprehensive suite of solutions that can help drive financial progress for MSMEs.

“Mynt, through its fintech subsidiaries, has already built the largest digital ecosystem for our users which extends all the way to the grassroots level. ECPay is a big boost to our financial inclusion journey as we find synergies with their 570 Biller and Portfolio partners, 490,000+ over-the-counter channels and 3000+ digital touchpoint channels,” said Mynt President and CEO Martha Sazon.

To date, GCash’s merchant and social seller base is around 6 million. Cash-in and cash-out outlets are at 732,000, and small-scale community outlets are at 935,000.
Incorporated in 2001, ECPay is a leading electronic payment service provider in the Philippines. It was acquired by Globe in 2019 to enhance its distribution network. ECPay enables merchant partners to process bills payments, electronic prepaid mobile phone top-ups, electronic pins, e-wallet & cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various over-the-counter and digital partners.

Upon closing of the transaction, Mynt will drive synergy by combining the best practices and capabilities of both GCash and ECPay. ECPay will, in turn, benefit from GCash’s rich experience and extensive network, enabling it to extend its market reach and explore new growth avenues.

The transaction, subject to regulatory approvals, is expected to close in the first quarter of 2024.

Globe Group’s ECPay, Puregold roll out Aling Puring App for Sari-Sari Store Owners

Globe and its subsidiary Electronic Commerce Philippines Inc. (ECPAY), together with leading supermarket chain Puregold, are ramping up the rollout of the Aling Puring app to uplift and digitalize micro, small, and medium-sized enterprises (MSMEs), especially sari-sari stores.

The new mobile service offers Tindahan ni Aling Puring (TNAP) members a one-stop-shop for digital transactions such as cash-in, load, and bills payment.  TNAP is Puregold’s loyalty and membership program for resellers.

 

Powered and developed by ECPay, the Aling Puring app enables MSMEs to keep up with the changing business landscape and thrive in a digital economy.

 

The move supports the two companies’ continuous efforts to be a partner of MSMEs in recovering from the pandemic.

 

“Puregold has been a big part of sari-sari stores in building their businesses through the years. It is our advocacy to continuously support them in achieving their aspirations for themselves and their families. Sa lahat ng aming Ka-Asenso, nasa inyo ang panalo!” said Antonio Delos Santos II, Puregold’s VP for Operations.

 

“We are a proud partner of Puregold and we share the same purpose of helping MSMEs and contributing to nation-building through digitalization,” said Cleo Santos, Globe Channel Management Head.

 

“As part of the Globe Group, we are one with the thrust of helping pivot not only customers but even our channels into digital. And Puregold is one of our pioneer partners in digitalizing sari-sari stores.” said Jasmin Montelibano, President and CEO of ECPay.

 

To keep pace in a constantly evolving business world, the digitalization of MSMEs has become more critical than ever. Through the Aling Puring app, Puregold is able to support the growth of the sector by offering additional income opportunities through digital services.

 

Created in May last year, the app is currently being rolled out in different Puregold branches across the country. It was launched at the recent opening of Puregold’s Mango Cebu branch where around 75 sari-sari store owners joined a salu-salo or get-together aimed at onboarding more stores onto the platform.

 

Globe and Puregold are long-time partners in advocating for the digital empowerment of Filipinos to prepare them for a digitally-enabled future.

 

To learn more about ECPay, visit https://www.ecpay.com.ph/.

 

PHOTO CAPTION: Sari-sari store owners took part in a salu-salo at Puregold’s Mango Cebu branch to get onboarded on the Aling Puring app.

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About ECPay

ELECTRONIC COMMERCE PAYMENTS, INC. (ECPay) is the leading electronic customer purchase and payment system provider in the Philippines, enabling merchants in both the offline and online channels with the one-stop-shop proposition and offer customers convenient payment platforms. For over 21 years, ECPay has enabled retail outlets and collection partners to offer accurate, secure and timely payment services while providing merchants and billers with real-time electronic reconciliation, web-based reporting and system management. ECPay currently has over 215,000 channels nationwide.