GCash, the Philippines’ number one finance super app, is encouraging more users to convert their coins to e-wallet credits by using the Cash Deposit Machines (CoDM) provided by the Bangko Sentral ng Pilipinas (BSP). By doing so, they can take part in the country's coin recirculation program.
In just under two months since the CoDM project was introduced in June, these machines have already collected nearly P19 million worth of coins. According to the latest report from the BSP, a significant portion of these coins has been converted into GCash credits, while the remainder has been exchanged for shopping vouchers.
“Beyond digitalization and financial inclusion, GCash is also a staunch supporter of the BSP’s coin recirculation program. We believe this initiative can help the central bank save on the cost of minting new coins and use these funds for other important projects,” said Martha Sazon, president and CEO of Mynt, the holding company of GCash.
To show support for the project, Ren-Ren Reyes, president & CEO of G-Xchange, Inc., the mobile wallet operator of GCash, also earlier lined up with the public and converted his coins at one of the BSP’s machines – experiencing its ease of use first hand.
“With 10 CoDMs now operational in the Greater Manila Area, more Filipinos can now bring the coins they saved up and convert these into GCash credits which they can use to buy essentials, pay bills, or even kickstart their savings or investment journeys,” noted Reyes.
In June, the BSP initially deployed two machines at the SM Mall of Asia in Pasay City; one machine at Festival Mall in Alabang, Muntinlupa City; and one machine at Robinsons Place Ermita in Manila.
More recently, it has launched more machines in six more malls:
- Robinsons Place Galleria in Ortigas
- SM City North EDSA and SM City Fairview in Quezon City
- SM City San Lazaro in Manila
- SM City Bicutan in Parañaque
- SM City Bacoor in Cavite
In a statement, the central bank said, “In using the machines, the BSP reminds customers that coins to be deposited must not be taped or bundled; must not come with other objects like buttons, magnets, nails, tokens, screws, or washers; and are gently placed in the coin slot in handfuls.”
Related: More than an e-wallet: GCash equips MSMEs to thrive in the digital economy
As of 31 July 2023, the BSP’s CoDMs have already accepted P18.8 million worth of coins with over 10,900 transactions.
