It is one thing to be a known brand, it’s quite another when a brand name becomes a verb synonymous to the product or service it provides.
Some say, “I-GCash mo na lang” when they mean “to send or pay for something via the e-wallet app”. More are now saying, or doing it, this year as GCash chief executive officer Martha Sazon reported a 100 percent increase in users this year from January last year.
“One out of three Filipinos is now using GCash, doubling our user base from 20 million in January 2020 to 40 million today,” said Sazon during the first GCash Futurecast event held virtually on May 12.
With more users relying on the app for cashless payment transactions, the mobile wallet expands its portfolio, offering more products and services designed to help Filipinos gain financial freedom and get access to financial services in an easy, fuss-free way.
“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 Sazon.
Financial services
More than allowing users to pay for purchases via GCash, the e-wallet offers a full suite of products and services that lets people save, invest, and protect themselves and their loved ones.
GSave – Insured by PDIC and powered by CIMB Bank, it lets users open an online savings account by simply verifying their GCash account. GSave has no maintaining balance, no fees, and does not require initial deposit. Users can enjoy up to 4 percent annual interest rate. Withdraw and deposit through the app.
GCredit – It serves as a fully-verified user’s personal credit line based on their credit score within the app. GScore increases through timely payment of GCredit dues, use of GSave and GInvest, and use of GCredit to pay for QR and bills. Those with high GScores can get up to P30,000 credit line and up to 3 percent prorated interest rate (the earlier the due is paid, the lower the interest rate).
GInvest – With the help of asset managers at ATRAM, this feature allows users to invest in their preferred product depending on their risk appetite. There are currently five funds available, three local and two international, with a minimum investment of P50 for the former and P1,000 for the latter. Users can monitor the movement of their funds, check value of their investment real-time, and track their transactions.
GInsure – This feature, launched in partnership with Singlife, offers insurance products for medical emergencies such as dengue, COVID-19, and accidents for as low as P300, with benefits up to P500,000 per person. GInsure users will also be able to avail themselves of Cash for Medical Costs, which covers medical costs, including terminal illnesses; and the recently launched Cash for Income Loss due to any cause, which provides a safety net in case the family’s breadwinner is unable to work due to an unforeseen reason.
One-stop app for various brands
Offering seamless transactions and access to on-demand products and services in one app, eliminating the need to download multiple applications, is the heart of GLife. The in-app feature opens users up to over 35 brands across retail, food, gaming, entertainment, and transport. This means, from GCash, users can head to Lazada or McDonald’s or PureGold to avail of their products or services.
“We have many more [brands] coming, we’re adding more services each week,” announced GLife head Prabh Singh.
Current merchants available include GOMO, Gong Cha, Kraver’s, McDonald’s, Puregold and PureGO, Lazada, Recess, Boozy, Bo’s Coffee, Mama Lou’s, GawinPH, KFC, Datablitz, Cherry Shop, Gameone, Goama Games, and more.
Empowering entrepreneurs and employees
As part of its mission to support all types of entrepreneurs, GCash introduces GCash QR on Demand: a new and better way to securely send and receive money without having to worry about “wrong sends” or giving away personal information such as mobile numbers.
Users can easily generate their Personal QR code and use this in place of giving their GCash number, for safe and hassle-free payments whether for personal use or for small businesses. The QR on Demand also makes it easier for small entrepreneurs like sari-sari store owners and tricycle drivers to enable cashless transactions.
“We want to make GCash available sa lahat ng kanto (in all corners). We’re digitizing sari-sari store and tricycle drivers every week,” shared GCash head of growth marketing Fe Olivia Mir.
To aid and empower overseas Filipino workers, GCash now enables every OFW with a verified account to cash-in to their GCash wallet via international remittance partners, and remit those funds instantly in the app. The upcoming GPadala service will allow OFWs to send money to a non-GCash user for cash pick-up anywhere in the country.
For the good of the society
As part of its holistic sustainability agenda for 2021-2025, GCash aligns itself with the United Nations Sustainable Development Goals.
To help make financial literacy and education accessible for all, the e-wallet app launched the Kaya Mo, GCash Mo Roadshow; Future-Ready Hackathons; and G NA! IDEAS Para Sa Pinas. This year, GCash continues to pursue collaborations to help in nation-building with efforts like GCash For Good and the GForest platform.
“At the end of the day, we will all go back to our core purpose – to help one another in times of need and indeed unlock our desired impact on the society as a whole,” said Chito Maniago, GCash vice president of corporate communications and public affairs.