E-wallet firm expands financial services

CEBU, Philippines —  Leveling up from merely an electronic wallet (e-wallet), GCash positions itself as an all-in-one lifestyle mobile platform providing Filipinos—rich or poor the access to a myriad of financial services.

“We want to make a real difference in the lives of every Filipino and break the existing boundaries to enable financial freedom. We envision a Philippines where people have equal access to financial opportunities and lifestyle choices, where everyone, whether rich or poor, has a chance to unlock and achieve their dreams,” said Martha Sazon, President & Chief Executive Officer of GCash, during GCash FutureCast held Wednesday, May 12, 2021.

GCash emphasized a feature, which allows Filipinos to invest in the stock market for as low as P50 in professionally-managed local and global funds through GInvest, a new and easy investment feature found in the GCash app.

Likewise, GCash magnified the offering of affordable insurance coverage through thr GInsure feature, where app users can get insurance for medical emergencies like Dengue, COVID-19, and accidents for as low as P300.

With this, JF Darre, Head of Financial Services and Advanced Analytics of GCash, explained that consumers can also get financial assistance via Cash For Medical Costs and the recently launched Cash For Income Loss due to any cause - all accessible through GInsure within the GCash app.

For easy money management, the GSave feature provides secure, and hassle-free savings account that was built in partnership with CIMB Bank, wherein the only requirement to start is an ID and a smartphone. “It’s fully accessible once the account is created; and has no maintaining balance, no fees, and no initial deposit.”

The introduction of GSave, is seen to empower the 60 percent Filipinos who currently do not maintain a bank account otherwise known as unbankable.

Access to credit is also be availed of within the GCash app with GCredit. This serves as a fully-verified user’s personal credit line within the App, with the ability to provide those with high GScores up to P30,000 credit line and up to three percent prorated interest rate; the earlier the due is paid, the lower the interest rate.

“At GCash we want to be able to democratize access to financial services,” noted Darre reiterating the company’s goal to break down barriers of entry for Filipinos and “make them realize that saving, investing, or even insuring one’s finances can be accessible to all.”

Joining the country’s shared mission to pump prime the economy, GCash introduced the QR on Demand feature, a new and better way to securely send and receive money without having to worry about “wrong sends” due to incorrect numbers, or giving away personal information such as their mobile numbers. With this, users  can easily generate their own Personal QR and use this in place of giving their GCash number, for safe and hassle-free payments whether for personal use or for small businesses.

For Filipinos abroad, GCash intends to aid and empower OFWs to take control of their finances by making the same products and services accessible to them. Every OFW with a verified account can now cash-in to his/her own GCash wallet via international remittance partners, and remit those funds instantly in the app.

Through GCash’s upcoming GPadala service, OFWs can also send money to a non-GCash user for cash pick up anywhere in the country.

“We have great ambition for 2021 for MSMEs and Filipinos in every corner of the globe; we know how this whole sector will be more critical than ever for our economy, and GCash can make a real difference in this sensitive situation. People need it. The country needs it,” said shared Fred Levy, Chief Commercial Officer of GCash.

GCash as a platform has enabled Filipinos with digital finance which is easily accessible through their phones. With 1 in 3 Filipinos currently using the app after growing its user base from just more than 20 million in January 2020 to over 40 million to date.