GCash hikes wallet limit

Richmond Mercurio - The Philippine Star

MANILA, Philippines  — Mobile wallet GCash has upsized the wallet limit of its users to help them maximize the benefits of digital finance.

GCash said users may increase their wallet limits by linking their bank accounts or debit cards to their GCash wallets.

Upsized wallets will have a hold up limit of P500,000 per month.

Fully-verified GCash accounts with no linked bank accounts or debit cards have a wallet limit of P100,000.

GCash said bank accounts that enable users to raise their limits include BPI, UnionBank, and other locally-issued debit cards that are enabled by either MasterCard or Visa.  

“Increasing the wallet limits of our users will definitely give our users more reasons to use GCash, especially now that digital services are on the rise, as strict health and physical distancing protocols have been put in place. Through GCash, they have the ability not only to pay for services, but also to save, invest, purchase insurance, and even tap into credit lines,” GCash president Martha Sazon said.

To link bank accounts to GCash, users need to go on settings and then tap on My Linked Accounts. From there, they may choose their banks and fill out the necessary information.

GCash said it may take up to seven working days for users to receive a text notification that their wallet limits on GCash have increased.

“We have seen tremendous growth in both our user base and the use of our service. We are grateful for the opportunity to help in keeping people safe from the virus, while helping them cope through digitally-enabled services. This is our way of enabling people even better towards our journey to become a cashless society,” Sazon said.

GCash saw a record spike in transactions last month as demand for digital finance continued to soar amid the global health situation.

Bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada, as well as various other merchants,  surged 700 percent year-on-year in May.

Since last month, it has also been the top finance app in both Android and iOS, and has consistently been included in the list of top apps next only to social media app TikTok and social conferencing app Zoom.

GCash is operated by Globe Fintech Innovations Inc., which is part of the portfolio companies of 917Ventures, the largest corporate incubator in the country, wholly owned by Globe Telecom.

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