GCash, the top financial super app in the Philippines, is marking its 20th anniversary by highlighting its evolution from a simple SMS money transfer service to a comprehensive financial super app. Launched in 2004, GCash has been rolling out feature after feature that have greatly improved the convenience and accessibility of financial services for Filipinos.
Initially starting as a platform for a simple SMS money transfer, GCash has expanded its offerings to include a variety of services that have changed how users manage their finances.
Here are the game-changing features that have transformed the landscape of financial transactions and services in the Philippines, all accessible through a single app:
2004: The Beginning of GCash
- SMS Money Transfer: The service that started it all, allowing users to send and receive money via SMS.
2012: Expanding Services
- Buy Load: Enables users to recharge their prepaid mobile accounts anytime, anywhere. This later expanded to include services like toping up mobile data, promos, as well as prepaid services like Cignal TV, Konsulta MD, and more.
- Pay Bills: Allows users to pay utility bills and other expenses from the comfort of their homes.
2017: Cashless Transactions
- Scan-to-Pay QR: Facilitates cashless transactions by integrating the Scan-to-Pay QR feature, making shopping more convenient. Globe Telecom's President and CEO, Ernest Cu, used it for the first-ever payment at Mini Stop (now Uncle John’s).
2018: Digital Transformation
- eKYC (Electronic Know-Your-Customer): Simplifies user verification, allowing users to get verified quickly and digitally. What once required a face-to-face meeting with your ID is now as easy as opening the GCash app, scanning your ID, snapping a selfie, and hitting submit. GCash handles the rest, so you can get verified in no time.
- GCredit: GCash wasn’t just about sending money anymore, it was about borrowing it, too! With GCredit, in partnership with CIMB, you could get instant cash when you needed it, with no bank hoops to jump through.
- GScore: The higher your GScore, the more perks you could unlock in your GCash app, like access to more lending products. It’s like your personal power up in the GCash universe, opening doors for more financial freedom! Today, there are 5.4 million unique borrowers, with 1 in 3 borrowers being small business owners and 2 in 3 borrowers being women.
- GSave: Allows users to easily save money within the app, with competitive interest rates. Today, GSave has evolved into a savings marketplace where you can open accounts with BPI, UNOBank, CIMB, and Maybank, all within the app.
2019: Eco-friendly Initiative
- GForest: Rewards users with points allowing users to plant virtual trees, which can be converted into real trees planted. Today, GCash, through its credible local and international partners, has planted 2.8 million trees since this initiative started, covering an area twice the size of Quezon City. With 17 million Green Heroes and 138,000 tonnes of carbon dioxide reduced, GCash is helping the planet while helping you manage your money.
2020: Adapting to New Needs
- GInsure: Offers accessible health and life insurance options, and later expanded to become a one-stop solution for your insurance needs, such as insurance for life and health, cars, travel, accidents, pets, and more.
- GLife: Expands into a one-stop shop for various services, from shopping to food delivery, and now includes other services like travel bookings, entertainment, bill payments, health, and even insurance.
2021: Enhancing Financial Flexibility
- GGives: Allows users to split payments into easy installments with select merchants even offering 0% interest.
- GLoan: Offers users quick cash loan, straight to your GCash e-wallet.
- GInvest Funds: Now known as GFunds, enables users to invest in local and global companies with minimal capital. You can build your investment portfolio without leaving the app.
- GJobs: Connects job seekers with employment opportunities. Apart from facilitating employment, it also supports the growing gig economy, helping Filipinos find work that fits their skills and lifestyle.
2022: Going Global
- Global Pay: Allows for easy cross-border payments, expanding GCash's usability in international markets. This is made possible by GCash partnership with Alipay+ and has transformed your phone into a global wallet, accepted worldwide.
2023: Continued Innovation
- Send Money Protect (Scam Insurance): Teamed up with Chubb to add security to money transfers, safeguarding users against scams. This cyber insurance adds an extra layer of security to every GCash Express Send transfer of up to PHP 15,000 for 30 days, shielding you from scams like social engineering, account takeovers, or online shopping fraud.
- GStocks PH: Simplifies investing in Philippine stocks directly from the app though its partnership with AB Capital. Filipinos can now conveniently invest in Philippine stocks straight from the app, no brokers required.
- GCrypto: Allows users to buy, sell, and trade cryptocurrencies easily with its partnership with PDAX (Philippine Digital Asset Exchange).
- GCash Visa Card: Bridges the gap between digital and physical payments, usable worldwide. Users can tap into their GCash balance wherever Visa is accepted. No hidden charges, the best forex rates, and accepted in over 200 countries and territories.
- GCash Overseas: It's a total game-changer for Overseas Filipino Workers (OFWs) which enables them to use GCash with a non-Philippine SIM, making it easier and quicker to send money in the Philippines or pay bills real-time keeping users connected to financial responsibilities back home.
For 20 years, GCash remains committed to its mission of making financial services accessible to all Filipinos. As we celebrate two decades with GCash, the company looks forward to continuing to expand its offerings and adapt to the evolving needs of its users.
