ICYMI: From heightened security to healthier spending habits, here are the latest innovations from GCash

FutureCast 2024 showcases improved methods for local and foreign transactions

E-wallets have become integral to our daily lives, influencing our spending behaviors both locally and internationally. Often, we forget to carry cash, but our phones ensure we have money at our fingertips. However, e-wallets can also lead to uncontrolled spending and potential scams that’s why staying informed about new innovations in this space is crucial to managing these risks effectively.

On June 28, 2024, one of the leading digital financial service companies, GCash, hosted an event to showcase its latest innovations. GCash FutureCast 2024 highlighted plans to enhance the consumer experience with new features such as GCash Tourist, Tap to Pay, and AI-Powered App Experiences.

“Today, you can expect innovations that will change the game,” said Martha Sazon, president and CEO of GCash. “But the real game-changer is how we can make a meaningful impact on Filipino lives. We aim to innovate not only to provide access but to be partners in achieving better financial health and wellness,” she added.

Here are some key points discussed during the forum, focusing on enhanced security, financial literacy, and global usability:

Heightened Security
Users can now benefit from multi-factor authentication when paying with Online Paysafe, an added security feature for worry-free online transactions. This reduces the risk of scam links and website spoofing. Additionally, the new Send Money Protect, in partnership with Chubb, offers transaction insurance for as low as P30, covering up to P15,000 for 30 days, further reducing the risk of scams.

AI-Powered Innovations
GCash introduced GScore AI, which allows customers to borrow without additional forms or documents by calculating creditworthiness based on daily app behavior. GCoach AI educates users on effective spending, saving, and growing their money, providing personalized insights and linking users to auto-deposit features within the app.

Junior Wallet
GCash Jr. aims to cultivate smart spending habits among the younger generation. This feature includes parental controls that set spending limits and allowances for kids aged seven to 17, encouraging better financial habits.

Global Expansion
GCash plans to expand its services more across Asia, the United States, and Europe, facilitating better travel experiences. International Bank Cash-In allows users to deposit funds into GCash from over 12,000 US banks, with European banks to follow soon. GTravel streamlines international travel by enabling e-sim purchases and assisting with visa requirements. GCash Tourist offers foreigners visiting the Philippines 30-day access to GCash features like Scan to Pay and Send Money, allowing them to pay like locals.

New Ways to Pay
Tap to Pay, powered by NFC (Near Field Communication), simplifies daily commutes. Users logged into the GCash app can tap their phone on the fast lane turnstile to make payments quickly. Additionally, GCash, in partnership with Huawei, launched Watch Pay, the first smartwatch payment method in the country. This feature allows users to make seamless payments by scanning the QR code on their Huawei smartwatch.

GCash FutureCast 2024 has set a new standard for financial services, combining security, innovation, and global accessibility to enhance user experience and financial health.

To learn more about these latest innovations, follow GCash on their socials.