GCash wants more Filipinos to own digital savings accounts
AS IT aims to plug in more Filipinos into the country’s formal financial ecosystem, mobile wallet GCash is beefing up its campaign through GSave product so more Filipinos will have digital savings accounts.
In the first quarter of this year, Martha Sazon, president and chief executive officer of GCash, said GSave grew its user base to 5.3 million registered users, reflecting one in five banked adults owning a GSave account.
“We encourage Filipinos especially the unbanked to open a digital savings account. Through digital innovation, we are able to make headway in demystifying financial services for the Filipino public. Our goal is to let people know that these services are not just for the privileged but for everyone,” said Sazon, during Globe’s First Quarter Result virtual press conference, Friday, May 6, 2022.
Sazon also announced that they are launching GSave Marketplace which offers users the options of which bank and savings product suits them. Sazon said GSave will soon welcome BPI as part of its marketplace to offer savings products to its users. This is on top of its current partner CIMB which is also hiking deposit interest to seven percent per annum for new account holders.
As of end-March 2022, GCash now has over 60 million registered users, more than five million merchants and social sellers, and over 420 GLife merchant partners. GCash is the only e-wallet with a full suite of financial services including cash loans and buy-now-pay-later products.
Its most recently launched GGives has disbursed P130 million in partnership with 85,000 merchants powered by GCash’s in-house trust platform. GGives is the buy-now-paylater proposition of GCash with easy installment options.
On the other hand, GLoan, a product that enables quick cash loans, has released P2.2 billion worth of loans in just 10 months.
“The first quarter was a strong start for GCash for 2022. We have so much lined up in the months ahead as the world opens up and as we continue the efforts to make Filipino lives better,” said Sazon.
At present, GCash is the Philippines’ lone double unicorn valued at over US$2 billion.
Suspected fraud
Meanwhile, in a separate development, Gcash has barred over 900,000 users suspected of fraud from January to March this year through its joint efforts with authorities as it ramps up app security and fraud management to better protect customers.
GCash is working with the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) in its crackdown against fraudsters to fight online scams.
With its #GCheckMuna campaign, GCash customers are empowered to protect themselves and become more vigilant in the face of fraud.
“GCash has been providing invaluable service to Filipinos, especially during the pandemic. It is crucial that we work together to protect the platform against fraud. As we continue to bolster our security system, we are also counting on the support of our customers and ask that they be vigilant against online scams,” said Sazon.
GCash also encourages users to report fraud through Chat with Gigi, the newest beta chatbot. Reported fake pages are taken down within 24 hours.
To make sure that cyber criminals are monitored, caught, and apprehended, GCash also works closely with the NBI-Cybercrime Division and the PNP Anti-Cybercrime Group in preventing scams and other illegal activities and apprehending any guilty parties.
Likewise, GCash also ensures strict compliance with the guidance of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council to ensure the safety and security of customers.