Mobile wallet app GCash has gone from a simple payment channel to offering an assortment of digital finance services that allows for the management of funds via mobile phone to forward its goal of financial inclusion among Filipinos.
From insurance and savings to loans and investments, here are the features GCash users can utilize to keep track of their wealth.
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Check out GCash's digital finance services:
Under GSave, GCash partners with banks to connect services to Filipinos with a goal of increasing customer database and financial inclusion, especially for the benefit of the unbanked.
Through GSave, users can start earning with money they already have. Instead of just being stowed away, savings continue to grow while being stored.
There will be free fund movement from GCash to your chosen bank, along with a chance to win prizes with a minimum deposit.
Up to P500,000 is protected by the Philippine Deposit Insurance Corporation and the Bangko Sentral ng Pilipinas.
For now, the app has partnered with BPI and CIMB, with more banks to follow soon. Through CIMB, users earn from 2.6 up to 7% interest with promos.
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The GLoan feature allows for convenient cash loans of up to P50,000 for select customers, payable up to 12 months, with no additional documents needed.
Funds loaned out can be used to pay for tuition, home renovation, or additional capital for small businesses.
GGives is the mobile wallet's buy-now-pay-later scheme, which is available in more than 85,000 physical and online stores, no downpayment required.
Users can avail up to P50,000 and pay in 24 gives over 12 months.
For those with the intention of safely foraying into investing, GInvest is the GCash service of choice. Digitized end-to-end, GInvest allows access to a catalogue of high performing fund managers.
Any amount is accepted and may be placed in 7 total funds through ATRAM.
Funds to invest are taken directly from your GCash funds and can be monitored in-app. According to GCash, 1 in 5 mutual fund accounts are on GInvest, owed largely to the seamless process which only takes a few days.
Users can also buy insurance in-app from 14 life and non-life insurance companies onboarded.
Included in the list of insurance packages you can purchase are life, vehicle, and health at different price points depending on one's needs. For as low as P300 per year, GCash users can purchase for dengue or COVID-19 under Singlife.
One can also gift insurance plans to friends and family through the app. Purchasing takes about two minutes.
If one has a pet dog, they can also buy insurance for them regardless of breed. Insurance for cats will follow soon.
Also in the pipeline is insurance that micro, small, and medium enterprises can purchase for their employees and businesses.
"We'll be working with different insurance providers with onboarding of services," said Neil Trinidad, GCash VP, Head of New Business.
According to Trinidad, a new suite of insurance plans will be up on the app "sooner than you may expect it to come," which includes travel insurance for both local and international travel and accident insurance for home and business.
The app already offers insurance for drivers, and is looking to include household help in the future.
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