Electronic Payments, Inc. (ECPay) has been acquired by GCash parent Mynt after it bought Globe’s 77% stake in the e-payment service provider.

Globe acquired ECPay back in 2019, an online payment center that allows merchants to process cashless payments and aids consumers in online prepaid reloading, cash card loading, e-wallet top-ups, and other online payment transactions.

According to Globe, ECPay was sold to Mynt for a price of Php2.31 billion. Meanwhile, minority stakeholder Payment One Inc., was also part of the deal, which means that Mynt has fully acquired the service.

Globe said that purchasing ECPay will boost GCash‘s services in the fintech industry and will improve its financial access.

“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,” said Rizza Maniego-Eala, Globe’s Chief Finance Officer.

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