Thursday, August 12, 2021

Boosting User Growth and Expanding Partnerships Keys to Financial Inclusion for Filipinos


Boosting user growth and expanding businesses are the key strategies to achieving financial inclusion for Filipinos.

This was one of the significant points highlighted by GCash, the country’s no. 1 e-wallet, during the Digital Pilipinas 2021 launch, a forum that is part of the annual World Fintech Festival which brings together Southeast Asia's technology champions.

According to Winsley Bangit, GCash chief customer officer who was one of the speakers during the forum, while GCash has more than 44 million registered users to date, there is still a large opportunity to serve the general public and the underbanked. As such, GCash strives to continuously democratize financial services and innovate on game-changing products for credit, savings, investments, and insurance ensuring that these are accessible, affordable and easy to understand for everyone.

“We do acknowledge that the Philippine market is unique. So at GCash, we are pro-customer with a ruthless focus on the Filipino consumer as we are grounded on improving the everyday lives of Filipinos,” said Bangit. “For this reason, we work with global best practices, world class platforms and partners to serve our customer better.”

On the app, users can make use of GSave, an online savings bank; GInvest, an easy investment feature; GInsure for insurance for medical emergencies such as dengue, COVID-19, and accidents; GCredit, a personal credit line with up to P30,000 credit line and up to 3% prorated interest rate. As a superlife app, GCash also has GLife, the e-commerce feature on the GCash app that allows users to shop exclusive deals from 35 brands across retail, food, gaming, entertainment, and transport.

GCash has formed key partnerships with financial services institutions and with more than 600 billers nationwide to offer relevant and affordable products to customers. CIMB, Atram, and Singlife, for example, have helped GCash launch more affordable financial solutions.

GCash has also partnered with Ant Group Financial, which allowed the app to have access to global and best-in-class platforms and capabilities, enabling GCash to scale up rapidly, while ensuring user security.

Meanwhile, Globe Telecom, known for their nationwide reach in mobile and network, has helped GCash quickly expand its reach and provide exclusive promos to Globe subscribers while Ayala Corporation has opened opportunities for GCash to partner with companies across varying industries.

GCash remains focused on its efforts on nation-building and financial inclusion for all Filipinos and will continue to drive innovation by bringing to life its purpose of making Filipino lives better every day, focusing on its customers, and ensuring the development of its employees to deliver only the best for its users.

Bangit concluded, “Fintech in the Philippines is a very enticing space to be in right now especially with the increased demand for digital financial services. We’re at the forefront of innovation.”

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About GCash

GCash is the leading mobile wallet in the Philippines. Through the GCash app, customers can easily buy load; pay bills at over 600 partner billers in the app; pay at more than 7,000 online partners; send and receive money anywhere in the Philippines; pay using QR codes at over 130,000 partner merchants nationwide; save money while earning interest; and invest money at local and global funds -- all through the convenience of their smartphones.

GCash is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom, Inc. GCash was recognized by The Asian Banker (TAB) in 2021 for its outstanding digital financial inclusion programs impacting more than 40 million Filipinos in the country today.

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