GCash Futurecast 2021: GSave, GCredit, GLife, GPadala, more innovations

GCash, a mobile wallet app, held an online forum called "GCash Futurecast 2021" on May 12 to wrap up the products it launched in 2021 and announce new features as well.

GCash has been aggressive in introducing new features as the e-wallet user base has grown from 20 million in January 2020 to 40 million today, skyrocketed in part by the COVID-19 pandemic.

GCash is consolidating financial services into its app to offer users a streamlined experience and convenience.

GInvest enables users to invest in both domestic and international funds. Users can invest in international technology companies such as Apple, Microsoft, Google, and Samsung via GInvest. They can begin investing in these businesses for as low as P1,000.

GInsure is Globe's medical emergency insurance product, which the company claims can cost as little as P300. Financial assistance is available through GInsure products such as Cash For Medical Costs and the newly launched Cash For Income Loss.

Users can now open a savings account on GCash via GSave, developed in partnership with CIMB Bank, a Malaysia-based universal bank. All that is required is an ID and a smartphone.

GCash can now be used as a credit line, thanks to GCredit's credit scoring system, GScore, which allows for loans of up to P30,000. GCredit charges a prorated interest rate of 3%, which is reduced if the balance is paid in full before the due date.

Additionally, GCash has begun integrating online shopping into its app through GLife, which currently offers exclusive deals with over 25 merchants, such as McDonald's, Gong Cha, Puregold & PureGo, KFC, Kraver's, Lazada, Recess, Boozy, Bo's Coffee, Mama Lou's, GawinPH, Datablitz, Cherry Shop, Gameone, Goama Games, and GOMO.

GCash also introduced the GCash QR on Demand, a new feature that enables money transfers to be made using a QR code rather than the GCash number.

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GPadala, a remittance service, is also on the way, which will enable the GCash wallet to communicate with international remittance partners and send money to non-GCash users throughout the Philippines. This feature will benefit the OFWs (Overseas Filipino Workers) as they can send money from anywhere globally and directly pay the bills of their families back home.