MANILA -- GCash has partnered with Mastercard to allow its users to make payments by tapping their phones on point-of-sale (POS) outlets.

Under the new partnership, GCash users can now tap their NFC-enabled Android phones on POS terminals where Mastercard is accepted to pay for their purchases. Users must be connected to the internet in order to pay.

GCash said this contactless payment option is now available everywhere in the Philippines, and there are plans to make it available internationally soon.

Mastercard country manager for the Philippines Simon Calasanz said this makes transactions faster, safer, and secure.

Meanwhile, Ren-Ren Reyes, president of GCash mobile wallet operator G-XChange, said, "This collaboration further solidifies our commitment to offering Filipinos convenient and secure cashless payment solutions, making everyday transactions easier and more seamless."

GCash has previously launched a prepaid debit card in partnership with Visa to help its users with cashless payments.

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GCash, the largest fintech in the Philippines, is possibly seen to surpass its parent firm Globe in terms of company valuation in the near future. GCash is now valued at $5 billion, while Globe is around $6 billion.