GCash Wants to be a Super App With These New Features

Investing, insurance, food deliveries, and more.
Photo/s: from GCash

Contact is out of the question during a pandemic, making digital and cashless transactions at home the go-to for efficiency and safety. Life is migrating online, and GCash has become a staple for more than 30 million Filipinos.

According to GCash CEO Martha Sazon, only 1 in 3 Filipinos have a bank account, leaving the remaining two thirds of the 100 million population out of the realm of financial services. While the app persists to bring financial inclusion closer to the public, it intends to do more by embedding itself in every aspect of its users' lives.

Initially just a mobile wallet, GCash is planning to expand services this year to become a super life app for all its users' needs from ordering food and investing to starting a business and donating to charitable causes. With GCash, Sazon said "the possibilities are endless".

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Here's an overview of what GCash has in store for users:

Lifestyle

Jumping from one e-commerce platform to another is a thing of the past, as users can now have food delivered, order groceries, and pay bills within the GCash app via GLife. Orders, payments, and delivery tracking are available for brands like KFC and McDonald's.

Gamers can check out the latest offers and gadgets from DataBlitz, or load up on credit via Goama Games.

If you're keen on home improvement, home repairs and services can be done via Gawin, which GCash also supports in-app.

Though the roster covers several brands and services, expansions and more partner establishments are expected within the year.

Entrepreneurs

Consumers tap on GCash for all their purchasing needs, but budding entrepreneurs can also turn to the app to help grow their business, no matter what kind. As of May, 1.6 million sellers use GCash to make transactions frictionless during a pandemic that has pushed the public to go digital.

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Sellers from all walks of life can access payment functions that allow them to receive money anytime, anywhere through QR codes and payments links the app can generate.

Tricycle drivers, palengke vendors, sari-sari store owners, and even fishermen you encounter can accept payments. All done without having to whip out your wallet.

Quarterly updates and upgrades will follow to ensure that micro, small and medium enterprises can improve their businesses.

Financial services

With the economy taking massive blows and companies tightening belts during a global health crisis, it makes sense to hold on to money or find ways to grow it securely. The app is equipped with savings, investements, and even insurance features to help you be wiser with your money.

Via GSave, users only need one ID to start saving with up to 2.6% interest rate. Powere by CIMB Bank and regulated by the Bangko Sentral ng Pilipinas, all depositors are insured up to P500,000.

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Over one million users have invested with GCash via GInvest, allowing them to bet their money on local and global investments depending on how big of a risk they want to take.

ATRAM, which manages some of the best performing funds in the Philippines, also manages the funds available in GInvest. Through this feature, you can invest in Amazon, Apple, Microsoft, and Google, starting at P1,000.

Insurance for COVID-19 and dengue can be availed via GInsure feature, which you can fund for yourself, or to include a loved one. Users can look forward to housing, car, accidents, and other types of insurance as the service expands.

Social impact

Donating to charities and non-government organizations is easier with GCash. You can donate to organizations like Unicef, WWF, World Vision, the ABS-CBN Foundation, to name a few with more to follow.

GCash previously offered users a way to donate to relief efforts for Typhoons Rolly and Ulysses which inundated communities last year.

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Even small transactions like cashing in and sending money can help you plant a tree through the GCash forest.

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