With the growing demand for cashless transactions, GCash and 7-Eleven announced its strategic partnership to allow GCash account holders to pay for their purchases in more than 2,800 stores of 7-Eleven using the Scan-to-Pay (STP) via Barcode feature built in the GCash app.
With the revolutionary technology it will provide greater convenience and security to customers of 7-Eleven by introducing the new payment option.
Present during the launch are GCash President Anthony Thomas and President & CEO 7-Eleven Jose Victor Paterno together with the media, GCash and 7-Eleven representatives who tried the cashless payment app of GCash.
To simply use GCash’s STP via Barcode, 7-Eleven customers only need to install the GCash app then generate their unique barcodes and allow the cashier to scan their barcodes to complete the transaction.
These two easy steps streamlines the already-frictionless QR code system. With STP via Barcode, merchants do not need to have a QR key code, which the customer scans to transact. Merchants also need not to have their own mobile devices to verify the payments, as STP via Barcode is already integrated in the merchant’s point-of-sales.
Supporting BSP cashless vision
The partnership between the fintech leader and the convenience store chain pioneer also supports the Bangko Sentral ng Pilipinas’ (BSP) goal of creating a more cashless Philippines starting this year by migrating 20 percent of the total transaction to non-cash means such as digital payments.
Already, based on a study conducted by the Better Than Cash Alliance, a United Nations-backed organization, the Philippines is close to reaching this target. According to the study, digital transactions now account for 20 percent of the total value of transactions, while 10-percent in terms of volume in 2018.
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