Globe, the largest telecommunications firm in the Philippines, on Monday announced it sold its 77 percent stake in electronic payment service provider Electronic Commerce Payments, Inc. (ECPay) to GCash parent Mynt.
Globe said in a statement that ECPay was sold at P2.31 billion ($40.66 million), local media ABS-CBN News reported.
ECPay’s minority stakeholder, Payment One Inc, is also a party to the agreement. This means Mynt has fully acquired ECPay, the report added.
The acquisition will help GCash improve its services in the fintech space and further democratize financial access, Globe said.
“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.
According to the report, Globe acquired ECPay in 2019. ECPay said it is the leading electronic customer purchase and payment systems provider in the Philippines, enabling merchants in both the offline & online channels with the one-stop-shop proposition and offering customers convenient payment platforms, information from its website showed.
For over 22 years, ECPay said it has enabled retail outlets and collection partners to offer accurate, secure and timely payment services, while providing merchants, portfolio and biller partners with real-time electronic reconciliation, web-based reporting and system management. ECPay currently has over 570 Biller and Portfolio partners and more than 490,000 over-the-counter and 3000+ digital payment touchpoint channels nationwide.
ECPay’s operations hub is a complement of over 200 employees, dedicated in providing consistent and timely delivery of ECPay services, products and information to its clients.