On track of its target of doubling transactions to 2 trillion this year, Globe Fintech Innovations Inc.’s (Mynt) GCash expands its in-app products and services transforming the platform into a lifestyle and financial app.
With a user base that increased to 40 million from more than 20 million pre-COVID-19 pandemic lockdowns, GCash responds to the evolving needs of people who are now embracing digital transactions. The global health crisis allowed fintech firms to innovate to be able capture all markets.
“We want to make a real difference in the lives of every Filipino and break the existing boundaries to enable financial freedom,” said Martha Sazon, president and CEO, GCash. “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.”
Doing in-app transactions also eliminates the need for face-to-face transactions, which is still discouraged amid the pandemic.
From being a digital payment option, GCash now allows its users to save, get a loan, invest, and get insurance coverage. This innovation also responds to the call of Bangko Sentral ng Pilipinas’ call for financial inclusion and will serve the unbanked population in the country.
“At GCash we want to be able to democratize access to financial services,” said JF Darre, head of Financial Services and Advanced Analytics of GCash. “We aim to break down barriers of entry for Filipinos and make them realize that saving, investing, or even insuring one’s finances can be accessible to all.”
With the exponential rise of e-commerce, GCash added more partner merchants whose services range from food to groceries to devices. Within the app
Along with it is a feature the rising number of entrepreneurs who not only unlocked their business acumen but also realized the ease and convenience of using digital payment services during the pandemic.
GCash introduces GCash QR on Demand where businesses can send and receive payments without having to worry about “wrong sends” due to incorrect numbers or giving away personal information such as mobile numbers. Users can easily generate their own Personal QR and use this in place of giving their GCash number, for safe and hassle-free payments whether for personal use or for small businesses.
For Filipinos abroad, GCash intends to aid and empower OFWs to take control of their finances by making the same products and services accessible to them. Every OFW with a verified account can now cash in to his or her own GCash wallet via international remittance partners and remit those funds instantly in the app. Through GCash’s upcoming GPadala service, OFWs can also send money to a non-GCash user for cash pick up anywhere in the country.
“We have great ambition for 2021 for MSMEs and Filipinos in every corner of the globe; we know how this whole sector will be more critical than ever for our economy, and GCash can make a real difference in this sensitive situation. People need it. The country needs it.” shared Fred Levy, chief commercial officer of GCash.