With the introduction of technology, a lot of old systems have been replaced with new ones that are more automated. One good example is digital payment such as GCash and PayMaya. These digital payment systems give convenience to everyone at first whenever they buy something online and now, whenever they shop at supermarkets and grocery stores. Imagine what technology can do to our lives as shoppers! And in fact, with this new payment system, Puregold (PGOLD) is expecting a double-digit revenue growth this year. One major reason why there is such an expectation is because of its current partnership with Globe Fintech Innovations, Inc. (Mynt) that will launch a new payment system through GCash.
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Globe Fintech Innovations, Inc, a wholly owned firm of Globe Telecom, was able to come up with a new payment system. This new service is available only in Puregold supermarkets as it is initially being tested. With the new method, customers will be able to pay by scanning a barcode generated by the mobile app of GCash. Puregold noted that this payment enhancement will drive sales for the company, between 8-10% sales growth for this year. This kind of innovation will attract more customer and shoppers because who would not want to shop as convenient as using your smartphone? Plus, it lessens the hassle of bringing cash with you everytime you go to supermarkets.
Frequent shoppers mean more sales for Puregold. Apart from frequent shopping, the new payment method will speed up the process of payment, to 3 seconds per transaction as estimated. Previously, GCash launched a payment system using QR codes which takes 45 seconds. The time reduced between 3 to 45 seconds is already significant especially if the shopper has an urgent matter to attend to aside from shopping. Puregold disclosed that the first attempt to use QR codes has been successful as they experienced 40-50 million transactions at P2,000-P2,500 each monthly. The transactions through digital payment are growing fast, what more if the barcodes are launched?
PGOLD is also set to open more stores this year. The goal is to open a total of 25 stores this 2019, which is in line with the annual target of the firm. In fact, it’s been years since the company is targeting 25 stores to open yearly so they can expand not only within the Metro but as well as in the provinces. The company also targets to open 4 new S&R stores where clients can get their typical membership. Half of it will be built outside Metro Manila while the other two will be in Southern Luzon and in the metro. The schedule is to open two this year and two next year, 2020. All of these stores will have a new payment system soon.