How GCash is making ‘finance for all’ possible

Marj Casal Handog

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How GCash is making ‘finance for all’ possible
Fair loans, affordable investments, accessible insurance plans – these are just some of the financial solutions that GCash is bringing to Filipinos

Editor’s note: This content is sponsored by GCash and was produced by BrandRap, the sales and marketing arm of Rappler. No member of the news and editorial team participated in the production of this piece.

Pre-pandemic, cashless payments were far from being the norm. It was a form of payment that was viewed as something only the rich could manage, with their debit and credit cards and all. But when the pandemic happened, transactions were all happening online and businesses both big and small had to find ways to enable consumers to go cashless. 

Since not anyone had credit cards and not all merchants had the ability to accept credit card payments, a new way to pay had risen across all social classes – through mobile wallets. And when we talk about mobile wallets, this one app easily comes to mind – GCash. 

“I-GCash mo na lang”

Within the last two years, GCash has become synonymous to sending and receiving money just like how Google has become synonymous to searching for anything online. I, myself, have paid merchants as big as wedding suppliers like caterers for my pandemic wedding to smaller ones like my go-to bakery using my GCash account. 

Fundraising drives like “piso para sa laptop” during the onset of online classes and volunteer efforts like the community pantries were made more successful thanks to the ease of donating via GCash. 

It wasn’t only the sending and receiving of money during a pandemic that was made easier, but the paying of bills, too. Forget about going out and lining up at the stores or bayad centers when the virus was still lurking when we could just pay almost all of our utility bills via the GCash app.

Going above and beyond pandemic services

But GCash doesn’t want to just stop at making sending and receiving money and paying our bills easier and convenient. They want to make “finance for all” possible.

What does “finance for all” mean? This means making even the traditional banking services available even to the unbanked, no matter where they are in the Philippines. They’ve already started with GSave, a savings bank within the GCash app that allows its users to save their money and earn interest like you would in a bank. 1 in 5 Filipinos now have a GSave account.

Investing is also a financial move that not all Filipinos would consider because they either don’t have the extra money to put there or they don’t understand it at all. But now that there’s also GInvest within the GCash app, investing has become just a bit more accessible and less intimidating. GCash can help you identify your risk appetite and match that with a product that suits your budget, too. 

In the same league of intimidating financial products are insurances. GCash acknowledges that and therefore, they’re making this accessible and affordable to Filipinos by partnering with trusted insurance companies and having them available right in the app as well. Insurances that range from life, non-life to travel, education – and pets, too – would soon be offered by GCash. 

Another financial solution that GCash is making available to Filipinos are transparent and fair loans. Loan applications aren’t exactly a walk in the park, what with all the application requirements and the sometimes inhumane collection process. But GCash also wants to democratize lending to make sure that Filipinos will have access to loans when they need it. 

Paying in installments without a credit card is now also possible through GGives where a user can borrow up to P50,000 and pay it within 12 months. Since launching, GCash has disbursed over P30 billion in loans.

Taking financial inclusion to heart

While all these services have already been available, what GCash is doing is putting them all in one place to take away the burden of speaking to different providers and paying in different kinds of ways. Now Filipinos can get all these services and pay for them, too, using just one app and one mobile wallet. 

With just one ID needed to create a GCash account and take advantage of all of these solutions, “finance for all” is now within reach. – Rappler.com

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GCash (G-Xchange, Inc.) is the #1 Finance App in the Philippines. Through the GCash App, 71M registered users can easily purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5.2M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only double unicorn in the Philippines. GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs.