GCash e-payments for BIR taxes soars by 286% in 2020
GCash, the undisputed leader and preferred mobile wallet in the Philippines, continues to promote being a one-stop shop for government collections, as it further drives growth on e-payments for the Bureau of Internal Revenue (BIR).
GCash e-payments for BIR taxes soars by 286% in 2020 leading to close to PHP 1.5 billion in tax collections, signifying a shift in user behavior, where customers find it more convenient to pay digitally using the GCash app instead of visiting physical locations.
“Government online transactions should further grow this year, similar to what we’ve observed in 2020. This trend shall continue not only because of health and safety interests against the pandemic, but also because online payments are more convenient, and has been proven to be one of the most efficient methods for transacting with the public sector,” said Martha Sazon, President and CEO of GCash.
Paying BIR taxes using the GCash app is very convenient. A customer with a GCash account must just log in to the app, proceed to Pay Bills, select Government, and tap the BIR button. From there, the customer simply needs to enter what form series they need to settle, the return period of the form, their Tax Identification Number (TIN), their Branch Code, and the amount to pay. Payment will be reflected within 3 business days.
At the onset of 2020, government transactions were disrupted because of the COVID-19 pandemic. However, the government’s quick pivot towards using fintech solutions such as GCash to continue operations were vital to the progress of the Philippine economy. Last year, the DSWD tapped GCash to disburse over PHP 16 billion in SAP funds to over 2 million Filipinos.
Aside from the BIR, customers can also use GCash to pay for other government agencies, such as, but not limited to, Pag-IBIG, SSS, DTI, DFA, NBI, and POEA. GCash also has over 400+ partner billers inside the app, ranging from academic institutions, credit cards, telecoms, utilities, and transportation.
GCash supports the BIR’s initiative in its collection targets through electronic payment channels. The BIR earlier this year announced that 86% of their collections were from online tax payments, surpassing their revenue targets for 2020.
“We congratulate the BIR for its exceptional performance in 2020 amidst the pandemic. GCash fully supports the bureau’s campaign against delinquent taxpayers and tax dodgers, and for a more efficient tax collection process. Rest assured that GCash will continue doing its part on enabling financial inclusion in the country,” added Sazon.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/