Skip to main content

BSP, GCash launch coin deposit machines to enhance money circulation

 The Bangko Sentral ng Pilipinas (BSP) with the support of the country's leading mobile wallet GCash, has introduced the Coin Deposit Initiative which aims to address coin shortage, reduce coin production and improve money circulation at the same time. To kick-off this groundbreaking initiative, Coin Deposit Machines (CoDM)  have been installed in leading malls in Manila with GCash being the first Electronic Money Institution (EMI)  provider who successfully integrated with the CoDM machine.

According to BSP's data, there is an estimated P27 billion worth of coins lingering in the National Capital Region (NCR) alone. These coins often end up stored away in bank vaults, piggy banks, and drawers or discarded as an inconvenience.

The Coin Deposit Initiative offers a convenient solution to the challenge faced by BSP regarding individuals accumulating coins at home. Through this collaborative effort, users now have the opportunity to deposit their coins into machines in convenient locations and credit them to their GCash wallets.

“Bawat barya ay mahalaga. Some will keep their coins in their cars or their cabinets, while others will throw it away. It’s a lot more expensive to produce coins than recirculate  them because supposedly, there shouldn’t be any shortage if the coins are being used. So this proves the point that we need to use technology to recirculate the coins.” says BSP Governor Felipe Medalla.

GCash as an EMI provider will enable Cash In acceptance in strategically deployed machines around NCR and nearby areas. For this quarter, BSP is looking at deploying the machines in 25 pilot locations, 4 of which (SM MOA, Robinsons Ermita, and Festival Mall) were launched recently. GCash is providing support to the BSP by waiving  the diversion fees and cash in limit to encourage users to deposit their coins.

“We are glad to share BSP’s goal for a healthier circulation of coins. The primary objective of the Coin Deposit Initiative of converting coins into e-money and reintroducing stagnant coins back into the economy is  to cut the cost of minting new coins. With the deployment of CoDMs in key retail locations, users can easily convert their coins and cash in with GCash, without any additional charges.” said G-Xchange president and CEO Renren Reyes.

The Coin Deposit Initiative marks an important step towards promoting financial inclusion and enhancing money circulation in the country. By providing an accessible and user-friendly platform for coin conversion, GCash and BSP are empowering Filipinos to make the most of their spare change.

The GCash app is available for free at Google Play and the App Store.

Popular posts from this blog

Travelers guide to Iloilo transport terminals (Airport, Jeepneys, Buses, RORO. etc)

Being the biggest city on Panay Island and the center of Western Visayas region, Iloilo City is a transportation hub whether by land, sea or air. These numerous transportation terminals facilitate day to day commerce, light & heavy industries, and tourism, among others. As this is a travel blog, this guide is aimed to tourists who want to experience and explore Iloilo and perhaps even beyond. Iloilo International Airport A little more than five years old, the Iloilo International Airpor t is among the most modern and beautiful in the country today. It is situated around 20 kilometers from Iloilo City , straddling the towns of Cabatuan, San Miguel and Sta. Barbara . It has direct links to Manila, Cebu, Clark, Cebu, Davao, Cagayan de Oro  and Puerto Princesa plus international destinations Hong Kong and Singapore . Among the first hurdles tourists will have to contend is the distance that translates to expensive fare when traveling to and from this airp...

Connie Carillo Diversified Farm in Bingawan: Helping Sustaining a Healthy Community Through Farm Schools

The area around the town of Bingawan, the edge of the central portion of the province is where it ends and the town of Tapaz, Capiz province begins and is very much another unsung corner of Iloilo with warm, friendly, welcoming people. Bingawan has some rich farming land and farming is at the heart of its village life. The landscapes are gorgeous here; with gentle pastures, to the high mountains. The area offers some beautiful hikes and bike trails across its lovely rolling meadows, woodland and a few working farms. The town would be less touristic than its neighboring towns but is well worth exploring. If you are concerned about how organic can contribute to benefit our shared environment, promote fair relationships and a good quality of life for all involved, then a trip to Connie Carillo Diversified Farm is for you. With the governments’ efforts to improve the knowledge and technical skills of the farmers, the Connie Carillo Diversified Fa...

St. Joseph Chapel at Festive Walk Iloilo's The Deck

While most malls around the country host Sunday masses in some obscure hallway filled with plastic chairs with a makeshift altar, some malls have built niches or transformed unused spaces into places of worship. And Ilonggos should be proud that one of the newest malls in Iloilo City has actually a chapel located in a prime spot and one that boasts both beauty and serenity.  The St. Joseph Chapel at Festive Walk Iloilo is located in one of its al fresco areas known as The Deck located  at the 3rd level. While this open air area also has a mini plaza and dog park (and soon - cafes and restaurants) it is the chapel that highlights this al fresco part of the mall. Eucharistic mass services are held every Sunday at 11am while first Friday masses at 5pm.  It is open to the public everyday for personal moments of silence and solitude. The Deck and everything in it is open from 10am to 10pm with the entrance located betwee...