Electronic commerce ECPay acquired by GCash parent Mynt for $40.6 M: Report
The parent company of GCash, Mynt, purchased Globe’s 77 percent stake in Electronic Commerce Payments, Inc. (ECPay), the largest telecommunications company in the Philippines, on Monday.
According to a statement from Globe, ECPay was sold for P2.31 billion ($40.66 million), according to local news outlet ABS-CBN News.
Payment One Inc., a minor shareholder in ECPay, is also a signatory to the contract. The report also stated that this indicates Mynt has fully acquired ECPay.
According to Globe, the acquisition will assist GCash in enhancing its fintech services and further democratizing financial access.
“Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up,” Globe Chief Finance Officer Rizza Maniego-Eala was quoted as saying.
The report claims that Globe purchased ECPay in 2019. According to information from its website, ECPay claimed to be the top provider of electronic customer purchase and payment systems in the Philippines, providing one-stop shopping for merchants in both offline and online channels and providing customers with convenient payment platforms.
Retail establishments and collection partners have reportedly been able to offer precise, safe, and timely payment services thanks to ECPay for more than 22 years. Additionally, ECPay claims to offer merchants, portfolio, and biller partners real-time electronic reconciliation, web-based reporting, and system management. In the United States, ECPay currently has more than 570 Biller and Portfolio partners, more than 490,000 over-the-counter payment touchpoints, and more than 3000 digital payment touchpoints.
Over 200 staff members work in ECPay’s operations hub to deliver its services, goods, and information to customers in a reliable and timely manner.
