GCASH AS AN E-WALLET

SYSTEM

Submitted by:
KENNETH I. ARCASITAS
RENZZO ROMEO E. BARRETO

Section
BSIT - 3B

Submitted to:
RODOLFO F. DOLLADO, JR., Ph.D.

Date submitted:
October 02, 2021
 I. PROFILE OF THE ORGANIZATION

a. Organization Profile

GCash is a Philippine mobile wallet, mobile payments and branchless

banking service. Introduced in 2004, it is owned by Mynt (formerly
Globe Fintech Innovations), which is a joint venture between Ant
Group, an affiliate company of the Alibaba Group and the operator of
the world's leading open digital lifestyle platform, Alipay; Ayala
Group of Companies, one of the Philippines' largest business
conglomerates; and Globe Telecom, one of the Philippines' largest
telecommunications companies (on Globe's side, GCash is under
917Ventures).

As of 2019, it had 20 million active users and more than 63,000

partner merchants in the Philippines. However, in two years, owing
to the rise of digital payments in the Philippines due to the COVID-19
pandemic, these figures more than doubled, with 46 million active
users and 2.5 million merchants and sellers as of August 2021,
making GCash the country's undisputed mobile wallet giant. 

GCash History

GCash was first launched by Globe Telecom in October 2004

offering SMS-based domestic money transfer that does not require
bank accounts or cards considering 80% of the Philippine population
were unbanked or underbanked at the time. Users were allowed to
convert their cash to e-money via cash-in and cash-out outlets
like sari-sari stores with a transaction fee of ₱1.00.

In 2012, the GCash app was launched as a move to transition from

cash-in and cash-out outlets to a fully cashless system. 

In 2017, GCash, along with competitor mobile wallet PayMaya,

partnered with Facebook to integrate its services with Facebook
Messenger.

In late 2019, GCash had a rebranding which was done by design

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agency Serious Studio. That rebranding was suggested by Mynt co-
owner Ant Financial.

In 2020, GCash partnered with Philippine Seven Corporation

allowing the use of the GCash app to pay on 7-Eleven branches via
barcode throughout the country. 7-Eleven also has its own CLIQQ
Wallet system for cashless transactions and its branches are one of
the cash-in locations for GCash users. 

In July 25, 2021, GCash announced that its remittance service, GCash
Padala, is now available to non-app users through its 2,000 partners
nationwide.

Who are Mynt?

Mynt (Globe Fintech Innovations, Inc.), is a partnership between

Globe Telecom, the Ayala Corporation, and Ant Financial, that
provides innovative and first-in-world fintech solutions to
consumers, merchants, and organizations.

Its vision is to enable financial access for consumers and merchants

by disrupting traditional channels through digital financial
technology services.

Since 2004, GCash has pioneered in various mobile money solutions.

Customers are able to send money domestically and internationally
via GCash Remit and Pera Padala. Shoppers can now purchase online
and in any store worldwide via GCash Mastercard and GCash
American Express Virtual Pay.

What can I do with GCash?

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Here some things you can do with GCash:

 pay your bills

 buy load
 buy things in real life and in the Internet
 get deals via vouchers
 send money to other GCash users in a variety of ways
 plant a tree
 receive remittances
 invest your money
 open a savings account and save money
 buy gaming related currency
 ask for money from other GCash users
 transfer money to bank
 buy movie tickets in the app
 support NGOs
 pay your tuition
 get a line of credit
 split your payments with other GCash users
 pay your taxes and dues to the government
 buy an insurance product
 be a gateway app to other merchants

And the feature list keeps on increasing as time goes by.

b. Business Profile

GCash

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ABOUT DETAILS

Taguig, Rizal, Philippines Industries:

101 – 250 Apps
Private Information Technology
Mobile Payments
www.gcash.com/
18,244
lunafracisclaire@gmail.com Founded Date:
09213649918 Nov 4, 2003

Company Type:
For Profit

Headquarters Regions:
APAC, ASEAN

Operating Status:
Active

II. Description of IT Project

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 What is GCash?
GCash is a digital wallet that holds your money, plain and
simple. Each amount in the wallet has an equivalent amount of peso
in real life. You put your money into it, and the cash being digital
makes it easy to do transactions with it, empowering the user to
leverage it to do work without as much effort.

Introduction to Digital Wallets

Before we go through our guide, let’s talk first about digital wallets.
What are digital wallets?

Think about your real-life wallet. You most likely have cash there.
You would also have your debit or credit cards.

Now think of your smartphone. With all of the wonders of apps in

recent years, we have started to see the multitude of uses a
smartphone can do. We don’t even leave the house without it. So why
not combine the two together? Eventually someone did, and the
digital wallet is born.

Power of Digital Wallets

We have seen in recent years how financial technology evolved as a

natural application of the power of the Internet. Currently, with the
gradual improvement of our network connectivity, we can leverage
the power of our always-on data connection to power our financial
transactions via the Internet. 

A case in point is China. It has embraced the digital wallet to the

fullest, that most of the transactions are via the app, and cash is
becoming increasingly rare. The effect is dramatic because so many
applications can only come from innovation via technology. One can
be online e-commerce, another can be QR based transactions.

For example, in a lot of restaurants in China, you can just sit down in

a table and scan the QR code on it. Your app will open that

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restaurant’s web page and will lead you to their online menu. You can
order what you want and also pay right there on the spot. The waiter
will just serve you your order at your table, without you even standing
up. How cool is that?

Another is the universality of their platform. You can go to the

grocery, or take a taxi, or rent a bike using an app. You can get loans,
buy train tickets, buy street food, donate to street performers, and if
your phone battery gets low, you can even rent power banks via an
app.

Now here in the Philippines, we currently have those types of

applications used by a handful of digital wallets too, even though they
are at an early stage. GCash leads this pack and right now it’s at the
top in terms of market penetration.

III. Stakeholders of the Project

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 Internal Stakeholders

Owners

Mynt
Shareholders

(Ant Group - Jack Ma, Ayala Corporation - Zóbel de Ayala

family, Globe Telecom, Inc. - (Asiacom Philippines, Inc.
(50.81%), Singtel (20.08%), Public Stock (15.65%), Ayala
Corporation (13.19%), Directors, Officers, ESOP (0.26%))

GCash (Mynt - Globe Fintech Innovations,

Inc.) Management

Name Position

Joedi Atinado Marketing Director

GCash (Mynt - Globe Fintech

Innovations, Inc.) Employees
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Name Position

Arnold Miranda Sr. IT Infra. Engineer

Jean Francois Darre Chief Analytics and Risk Officer

John Michael Gerona Domain Lead | Manager

Adrian Gonzales Senior Quality Assurance Engineer

Sei Lumanug Sr. Manager - IT Asset Governance

Jastin Robas Lead Network Engineer

Wensley Chris Ong Lead Network Engineer

Katherine Bunyi Product Manager

joyce dragon Quality Assurance

Mae Czarina Zaplan Technical Project Manager

Arvin Crisol People and Culture Head-AVP

Esmille Human Resources Business Partner

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Name Position

Renzo Benemerito Machine Learning Engineer

Allan Troy Bantayan Fund Risk Engineer

Yssa Marie Villanueva Java Software Engineer

Pebbles Sy Chief Technology & Operations Officer

Greg Igaya Vice President for Technology

Charlie Doroin Sr Manager for Financial Planning and

Analysis

Rei Elfred Gonzales CX Process Success Manager

Lorenzo Canaria Head of Growth Marketing for

Ecommerce Usage

Stefanie Senior Legal Counsel

Frederic Levy Chief Commercial Officer

Rizza Bucoy Vice President - Head of Human

Resources

Frank Malabanan Head of Infrastructure Management

(Infra Governance [Cloud] / Infra

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Name Position

Security / IT Asset Mgmt/ OTS])

Louwie Pineda Head, Technical Operations and

Platform Management

Dyan Monica Lagasca Financial Planning and Analysis Senior

Manager

Oscar Patrick Pobre Vice President, Decision Science and

Data Monetization

Arhaan Godrej Business Development Manager

Patrick Kyle Juan Machine Learning Engineer

AJ Wang Head of Acquisitions and Performance

Marketing

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 External Stakeholders

GCash Customers

Average number of registered GCash

users in the Philippines in 2019 and
2020(in millions)

Count of registered GCash users

Philippines 2019-2020
 The mobile wallet company GCash had an average of 33 million users in the
Philippines in 2020. This reflects a 65 percent increase from the previous year's
average of 20 million registered users. GCash is owned by Mynt and is a
subsidiary of Globe Telecom Inc. The country's digital economy has been
flourishing in recent years.

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 IV. Phases of Project of Development

Discovery Phase
The discovery phase gives the right start to your project and is vital if
you want your e-wallet to be feature-rich, high-performing, and
delivered within time and budget. During the discovery phase,
together with the vendor’s team, you’ll specify the project goals,
define the scope, your future wallet functionality, set priorities, and
establish a risk mitigation plan.

According to the complexity and objectives of the project, you will get
all or some of the following deliverables:

 Vision and Scope documents

 SRS (Software requirements specification document)
 Software Architecture Document (SAD)
 Design concept
 Detailed work breakdown structure

As a result of the discovery phase, you’ll be completely prepared for

the development phase.

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 Development Phase

After the discovery phase, it’s time to get down to development. This
is where your e-wallet is assembled.

 UX/UI Design
At this stage, UI/UX designers create the interface of the future
wallet according to its goals and the needs of the target audience. Key
objectives of UX/UI design are making your app engaging, catchy,
and easy to use and ensuring that every swipe, tap, and click would be
convenient, rational, and valuable for users. 

 Development

An e-wallet development includes such processes as coding, or the

development itself, adding all the features, testing, implementing
additional functionality of the wallet with improvements, and
integrating all the third-parties and databases. Eventually, developers
bring your digital wallet to life.

 Testing & Bug Fixing

Specialists use a wide range of test design techniques and extensively

test your digital wallet to check whether the application behavior
follows the business requirements, discover flaws in code, and then
fixes them. Testing and bug fixing ensure that your wallet can be
successfully downloaded and executed. It’s a vital factor in the
development process that brings to market a high-quality product.

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 V. Project Constraints

Security Considerations

Counter-intuitive this may sound; security is both the main strength

and the main barrier to the success of electronic payment apps.
Because they are such desirable targets, wallets are under constant
assault by cybercriminals. Some of the threats, like code
vulnerabilities, need to be solved on a technical level, others must
eliminate the possibility of fraud through social engineering. Mobile
wallets should also have mechanisms for account recovery and
detection of suspicious activities.

Regulatory Constraints

Digital wallets still deal with a very real and heavily regulated asset —
money. This means they need to comply with financial regulations of
a jurisdiction they operate under. For apps that are meant to be used
internationally, the issue becomes even more complicated and may
introduce additional barriers to the development process.

Transaction Management

For some digital wallets, like those of banks, transactions are

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managed by the organization that maintains the app. In other cases,
this task has to be delegated to external parties. These actors often
have their own operating conditions that may interfere with the
product’s functionality. These may include:

 Long transaction times

 Low transparency of operations

 Hidden fees

 Restrictive transaction limits

 Feature limitations (e.g., inability to cancel an erroneous

transaction)

In this light, finding the right partner is as important as writing

efficient code.

High Entry Barrier

Despite massive progress made in the field of UI design, mobile

wallets can be difficult and unintuitive to use. In addition to financial
operations being complex, the app needs to be accessible to a diverse
demographic, which poses a number of challenges in its own right.

Connectivity

Mobile wallets’ functionality depends on Internet connection for most

of its features. This leads to a situation where some apps will simply

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not launch as long as the phone is offline. This may become
problematic for uses in regions with poor network coverage. At the
same time, for some features, the connection is not critical:

 Ledger and receipts

 Last known balance

 Expense tracking

 Payment scheduling

It is critical for developers to try and retain the functionality of

features that do not fully depend on the Internet.

Consumer Trust

While most virtual wallet apps have state-of-the-art security systems,

the popular perception is slow at catching up. And, while the coverage
of cybercrime-related topics in the media does promote public
awareness, it also has an adverse psychological effect. No matter how
technologically sophisticated the app is, its adoption will still depend
on trust, so developers need to find ways to communicate confidence
to users.

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 VI. References

https://gcashresource.com/what-is-gcash-an-absolute-beginners-
guide/

https://www.crunchbase.com/organization/gcash

https://www.mynt.xyz/about-us/

https://www.linkedin.com/company/wearegcash

https://en.wikipedia.org/wiki/GCash

https://www.signalhire.com/companies/gcash-mynt-globe-fintech-
innovations-inc/employees

https://smallbusiness.chron.com/pc-banking-72403.html

https://medium.com/swag-soft/what-is-e-wallet-and-how-does-it-
work-case-study-included-9345eb6969a4

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