Subscribe to our newsletter!
- GCash unveils new features at FutureCast Summit, including GCrypto, GStocks, and GChat, to further promote financial inclusion and accessibility for millions of Filipinos.
- More details about GCrypto, a feature allowing users to access crypto and NFTs, are announced publicly at a GCash event for the first time, although no information on its full release was provided.
- GStocks, an in-app stock trading platform, will be open to more qualified users, while GCash Overseas expands to the United Kingdom and Canada, enabling more international transactions.
Introducing its 10 newest innovations, Philippine mobile wallet giant GCash has showcased how the firm envisioned the future of fintech and its potential to empower millions of Filipinos through the e-wallet-turned-super-app.
According to GCash CEO Martha Sazon in her opening remarks, financial inclusion is important because “financial inclusion is a right and not a privilege.”
Currently, GCash has more than 77 million users in the country, or about 70% of the total population, which makes GCash a key player in promoting financial accessibility, as per the CEO.
Sazon also noted that GCash, which pioneered quick response (QR)-powered payments, has now been dubbed a “duacorn,” highlighting its profitability in the fintech space. GCash achieved the “duacorn” status, or a “Double Unicorn” firm, after raising $300 million in 2021, raising its valuation to $2 billion.
GChat and GInsure
Among the innovations unveiled at the event was GChat, an in-app messenger feature that claims to combine “messaging and money.” As per Michelle Fernandez, the Head of Digital Experience at GCash, once rolled out in the coming months, GChat will allow users to transact with their contacts and merchants, including an instant GCash transfer receipt and transaction history.
GInsure was also introduced. Through the GInsure feature, GCash users can find different insurance products like life, health, car, and many more provided by the fintech firm’s partner.
For GCrypto, GCash’s Head of Partnerships for Crypto and Web3, Mark Nunez, revealed that the much-anticipated GCrypto feature, aside from being powered by PDAX along with education partner Bitskwela, will also highlight a new NFT collection by artist Reen Barrera, collaborating with Likha NFT and Vinyl on Vinyl.
This is the first time that more details were announced about GCash’s GCrypto feature. As per Nunez, his journey in the crypto and NFT space made him realize and recognize pain points such as the hassle to jump from one app to another just to get crypto or NFTs, which GCrypto aims to eliminate.
BitPinas first reported the availability of GCrypto to select users on the morning of February 17, 2023, when some users, including content creators, posted that they could already access GCrypto at that time. The summit did not disclose when will GCrypto be accessible to all.
Check out BitPinas’ beginner’s guide to GCrypto, here:
GCash also unveiled that it is opening GStocks to more qualified users. The GStocks feature, which has two parts—GStocks Global and GStocks PH, will be more intuitive with price, charts, depth, and order book, necessary features for a proper stock trading platform.
Gstocks was first hinted when Philippine Stock Exchange (PSE) President and CEO Ramon Monzon revealed that it has tied up with GCash to allow the users of the mobile wallet to invest in the stock market. The broker that will be handling the transactions in GStocks will be AB Capital Securities, Inc.
The Securities and Exchange Commission (SEC) has already granted the commencement of the in-app testing for the GStocks PH for the month-long dry run in March. The dry run was only open to selected users who were able to register and apply for a trading account with AB Capital.
GCash Overseas was also introduced, a special feature that allows Filipinos residing and working abroad to register a GCash account using an international SIM card.
Then, during the summit, GCash disclosed that Gcash Overseas will now also be available in the United Kingdom and Canada, enabling users to conduct international transactions more conveniently.
Other GCash Innovations
GCash Head of Marketing Neil Trinidad summarized the ten innovations showcased during the event:
- DoubleSafe: It is one of the new features of GCash that is designed to further protect users from theft by adding an extra layer of authentication before granting access to accounts and enabling transactions.
- GLoan: GLoan is the lending feature of GCash. It is a loan solution where users can loan up to ₱125,000 instantly.
- GGives: GGives is GCash’s installment loan product that can be paid through installment plans.
- GCash Cards and GCash Cards Visa: GCash Card is a prepaid card linked to the person’s GCash account, which allows them to make payments and withdraw cash at merchants and ATMs.
Along with GCrypto, GStocks, GCash Global Pay, GInsure, GCash Overseas, and GChat
As of this writing, most of the products announced are already available with some still in testing to a wide number of users.
This article is published on BitPinas: GCash Unveils GCrypto, GStocks, GChat & More at FutureCast 2023
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.