In a move set to redefine the fintech landscape in the Philippines, GCash unveiled a suite of groundbreaking innovations at the GCash Futurecast 2024. With a focus on enhancing security, user experience, and financial inclusion, GCash aims to elevate the digital financial services industry and make a lasting impact on Filipino lives.
“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,” according to Martha Sazon, President and CEO of GCash, as she passionately highlighted the company’s vision. Sazon emphasized the company’s commitment to not only providing access but also being a partner in improving financial health and wellness.
The event kicked off with the introduction of Online PaySafe, a new security feature designed to ensure worry-free online transactions. This tool directs users to the GCash app during payment processes, where multi-factor authentication is employed to minimize the risk of account takeovers, payment scams, and website spoofing.
Another significant innovation is Gigi, a customer support assistant powered by Generative AI. Gigi is capable of handling common queries, escalating complex issues, conducting security checks, and connecting users to live agents when necessary. This AI-driven feature enhances the efficiency and responsiveness of customer support.
In collaboration with Chubb, GCash also launched Send Money Protect, an insurance product offering protection against online fraud. For as low as PHP30, users can insure transactions up to PHP15,000 for 30 days, safeguarding them against scams involving impersonation or fake stores.
Enhancing User Experience through Design & AI
GCash revealed three new app designs aimed at providing a more intuitive user experience. Dashboard 3.0 introduces a sleek interface with easy navigation, allowing users to access their favorite GCash products at a glance. The app also features GCat & Friends, educational and fun characters that assist with money management.
Money Manager is another innovative addition, offering real-time spend tracking to help users make informed financial decisions. This feature visualizes spending patterns, promoting better budgeting and saving habits.
AI-powered enhancements were also a highlight of the event. GScore AI utilizes artificial intelligence to assess users’ creditworthiness and loan eligibility based on their app behavior, eliminating the need for additional documentation. Hyper-Personalized Ads, another AI-driven feature, curates shopping deals tailored to users’ preferences, while GCoach AI provides personalized financial advice and links to auto-deposit features within the app.
Promoting Sustainability & Financial Literacy
GCash’s commitment to sustainability was showcased with the introduction of GImpact, a feature that tracks the carbon footprint of transactions and converts them into Green Points. These points can be used to plant real trees through GCash’s partner NGOs. The GFarm initiative supports Filipino farmers by providing fruit tree seedlings, enhancing their livelihood, and promoting sustainable agriculture.
To foster financial literacy among the younger generation, GCash launched GCash Jr. with parental controls. This feature allows children aged 7 to 17 to have their own e-wallet and debit card, promoting responsible spending and saving habits under parental supervision. The GSave Jr. account helps kids learn to manage their savings and set financial goals.
Expanding Globally & Introducing Innovative Payment Solutions
GCash announced plans to expand its services to 16 countries in 2024, making it accessible to 10 million overseas Filipinos. The International Bank Cash-In feature enables users to cash in from over 12,000 US banks, with plans to extend this service to Europe.
GTravel simplifies international travel by allowing users to book flights and hotels, plan visa requirements, and purchase travel insurance through the app. GCash Tourist provides 30-day access to GCash features for foreigners visiting the Philippines, facilitating seamless payments during their stay.
New payment solutions include Borrow on the Spot, which allows users to request higher credit limits via GGives, and Tap To Pay, a feature that uses NFC technology for quick and easy payments during commutes. Additionally, in partnership with Huawei, GCash introduced Watch Pay, the country’s first payment method via smartwatches.
GCash’s innovations are designed to empower Filipinos with secure, accessible, and innovative financial solutions, enabling them to manage their finances more effectively and build a brighter future.