GCash launches cutting-edge fintech innovations

By Francis Allan L. Angelo

GCash, the Philippines’ leader in digital financial services, unveiled groundbreaking innovations at the GCash FutureCast 2024, aiming to revolutionize the fintech landscape and elevate the consumer experience.

Transforming Filipino Lives

Martha Sazon, President and CEO of GCash, shared her excitement about the innovations, stating, “Today, you can expect innovations that will ‘Change the Game.’ But, the real game-changer is how we can make a meaningful impact on Filipino lives.” She emphasized the goal to innovate not only to provide access but also to be a partner in improving financial health and wellness for Filipinos.

State-of-the-Art Security Features

GCash FutureCast 2024 started with the introduction of Online PaySafe, a new security feature designed for worry-free online transactions. This feature directs customers to the GCash app during payment processes, utilizing multi-factor authentication to enhance security. This reduces exposure to account takeovers, payment scam links, and website spoofing.

Additionally, GCash introduced Gigi, an AI-powered assistant, to make getting help easier. Gigi can handle common queries, escalate complex issues, conduct security checks, access past conversations, and connect users to live agents when necessary.

In partnership with Chubb, GCash also launched Send Money Protect. For as low as PHP 30, users can insure their transactions up to PHP 15,000 for 30 days, protecting them from potential scammers who disguise themselves as legitimate contacts or stores.

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Innovative App Designs

GCash introduced three new app designs to enhance user experience:

• Dashboard 3.0 – Features a new look with easy navigation, allowing customers to access their favorite GCash products at a glance. The save, borrow, and grow tabs help users quickly find their most-used features.
• GCat & Friends – A fun and educational feature where GCat, along with friends Corey G and GRaf, assist users in managing money, finding deals, and reminding them to save and invest.
• Money Manager – A real-time spend tracker that visualizes spending on the app, helping customers spend and save wisely.

AI-Powered Experiences

GCash revealed several new AI-powered innovations:

• GScore AI: This customer trust score helps users borrow better without needing additional forms or documents. It calculates creditworthiness and loan eligibility based on daily app behavior.
• Hyper-Personalized Ads: This ad-serving platform learns users’ shopping preferences and matches them with personalized offers from GCash partners and merchants.
• GCoach AI: An AI guide that educates users on how to effectively spend, save, and grow their money with confidence, providing personalized insights and linking users to auto-deposit features within the app.

Green Initiatives

GCash is committed to promoting climate action through its GImpact and GFarm initiatives. GImpact allows users to see how their transactions lead to carbon reduction, converting these reductions into Green Points that can be used to plant real trees through GForest’s partner NGOs. GFarm supports Filipino farmers by providing fruit tree seedlings like coffee, avocado, and jackfruit, promoting sustainable livelihoods.

Fintech for a New Generation

To foster better financial habits in the younger generation, GCash launched GCash Jr., featuring parental controls. This allows kids aged 7 to 17 to have their first e-wallet and debit card, with wallet limits set by parents. The platform also introduced GSave Jr., a savings account that helps kids manage their savings and set financial goals.

Parents have unique access to a special dashboard to monitor spending and set transaction limits, empowering today’s youth with safe and supervised spending habits.

Global Expansion

In 2024, GCash plans to expand its reach to 16 countries, including the USA, Canada, Italy, the UK, Australia, Japan, Spain, the UAE, South Korea, Taiwan, Germany, Hong Kong, Qatar, Singapore, Saudi Arabia, and Kuwait, making GCash available to 10 million overseas Filipinos. The International Bank Cash-In feature allows users to cash in to GCash from over 12,000 US banks, with Europe to follow soon.

Travel Solutions

GTravel allows users to book and pay for flights and hotels in one app, streamlining international travel experiences. It also helps users plan visa requirements and buy e-sims. Coupled with GInsure, travelers can apply for travel insurance with coverage up to PHP 2.5 million. OONA Insurance offers instant lounge access for flight delays over an hour. Soon, travelers to European destinations like Spain, Italy, France, and Germany can digitize and claim travel tax refunds with GCash.

GCash Tourist gives foreigners visiting the Philippines 30-day access to GCash features like Scan to Pay and Send Money, allowing them to pay like locals.

New Ways to Borrow and Pay

Borrow on the Spot, powered by Fuse, GCash’s lending arm, enables users to instantly request a reassessment of their creditworthiness and obtain a higher credit limit via GGives. For payments, GCash launched two innovations:

• Tap to Pay: Powered by NFC (Near Field Communication), this feature simplifies daily commutes by allowing users to tap their phones on turnstiles to make payments.
• Watch Pay: In partnership with Huawei, this is the first payment method via smartwatches in the country, enabling users to make seamless payments with a QR scan from their Huawei smartwatch.

“These innovations are designed with the financial progress of Filipinos in mind,” Sazon concluded. “By offering secure, accessible, and innovative financial solutions, GCash continues to empower every Filipino to manage their finances better and build a brighter future for themselves.”

Experience the future of fintech today by downloading the GCash app, available on the Huawei App Gallery, Google Play Store, and the App Store.