Philippines goes cashless with MRT-3 using FinTech-powered GCash, a faster and more convenient way of payment that fits in the pattern of modernization in Southeast Asian transportation.

The modernization of the Metro Manila public transport will start with the Metro Rail Transit System Line 3 (MRT-3) as the Philippine government partners with defining FinTech giant GCash to accommodate the use of emerging financial technology services in the overhaul of accepted modes of transport around the Metro Manila area.

The project with the Department of Transportation (DOTr), Bangko Sentral ng Pilipinas (BSP), and the Department of Information and Communications Technology (DICT) involves introducing an Automated Fare Collection System in which commuters will have an opportunity to use QR codes, mobile NFC, and debit/credit cards to tap in and tap out.

Transport Secretary Vince Dizon pointed out that this will be the initial point in ensuring every turnstile has multi-payments and that this will be implemented in Light Rail Transit Lines 1 and 2 and other mass transport systems coming soon to follow.

BSP Monetary Board member Walter Wassmer noted the contributions of the FinTech innovation in ensuring more secure, more efficient and more commonplace payments. In the meantime, DICT Secretary Henry Aguda said there are improvements in the internet connectivity of MRT-3 to facilitate smooth mobile transactions.

President and CEO of GCash, Martha Sazon, claimed that she was very proud to be teaming up with the government so that the queues can shorten and commuters can travel much faster and conveniently.

Such an initiative, orchestrated by FinTech, will position the Philippines with leading Southeast Asian states, such as Singapore, through the adoption of its advanced open-loop ticketing system in the field of public transport.