financial technology

GCash expands with credit, remittance services

Gelo Gonzales
GCash has doubled in users since January 2020, growing from 20 million to 40 million, spurring an expansion in features

GCash on Wednesday, May 12, held an online forum to recap the products it introduced in 2021 as well as announce new ones.

GCash has been aggressively introducing new features as the e-wallet has grown from 20 million users in January 2020 to 40 million now, expedited in part by the COVID-19 pandemic.

Like Grab becoming a one-stop shop for delivery and e-commerce services, GCash is consolidating financial services into one app.

GInvest lets users invest in local and global funds. GInsure is its insurance product for medical emergencies, which Globe says can go as low as P300. GInsure includes financial assistance with products such as Cash For Medical Costs and the recently launched Cash For Income Loss.

Users can now also set up a savings account on GCash through GSave, built in partnership with CIMB Bank, requiring just an ID and a smartphone, Globe says.

GCash can also serve as a credit line now with GCredit, with its credit score system called GScore, allowing loans of up to P30,000. GCredit has a 3% prorated interest rate, and is lower if the due is paid earlier.

GCash has also started integrating online shopping in its app with GLife, which promises exclusive deals with more than 25 merchants at present, including McDonald’s, Datablitz, Puregold, and KFC.

GCash also introduced the new feature GCash QR on Demand, which allows the use of a QR code to facilitate money transfers instead of providing the GCash number.

A remittance service called GPadala is also coming, which will allow the GCash wallet to interface with international remittance partners and send money to even non-GCash users anywhere in the Philippines. – Rappler.com

Gelo Gonzales

Gelo Gonzales is Rappler’s technology editor. He covers consumer electronics, social media, emerging tech, and video games.