Financial
Saving with GCASH
A Complete Guide to GCASH
For several years, financial services have been steadily transitioning from cash to cards to digital transactions, notably GCash. The Philippines has a lower percentage of cashless transactions compared to developed nations. The impact of the current crisis was one of the driving forces behind the adoption of cashless transactions by Filipinos today.
Mins to Read: 17 minutes
Age: For all
In particular, the trajectory of generation X’s behavioral intention to use GCash became well-known during this pandemic catastrophe. The demand for cashless transactions has increased in importance and acceptance. The Philippines’ central bank, Bangko Sentral ng Pilipinas, urged people to switch to mobile payments. There were numerous players in the financial services sector, particularly in the mobile wallet sector.
What is GCash?
Through digital goods and services like free money transfers from user to user, seamless bank transfers, and bill payment, GCash offers users a simple and secure cashless payment platform. With its P2P platform, which has enabled over 2.5 million GCash merchants and social sellers, the mobile wallet provider also provides businesses, particularly MSMEs, a contactless way to take payment for items via QR codes.
It is similar to carrying your money on your phone when GCash is downloaded and enabled on your smartphone. You won’t ever need to have cash or give anyone access to your bank account or credit card details and make all kinds of purchases. Your hard-earned money and private information are always protected within the GCash ecosystem since GCash is a very secure platform.
Exactly how can I open a GCash account?
You may open a GCash account in 2 simple steps, allowing you to use your phone as a GCash wallet to transfer and receive money, pay bills online, buy, and much more.
You can create your GCash account in one of the 2 ways:
First, Using the GCash app or second, through dialing *143#
To create your GCash account using the GCash mobile app on an Android or iOS mobile device, follow these steps:
Step 1: Install the GCash app on your smartphone.
Step 2: To enter your mobile number, open the app. Select “Next.”
Step 3: Get the 6-digit authentication code by looking at the message on your phone. Click “Resend Now” if you didn’t get it the first time.
Step 4: Give your personal information after having your phone number verified. If everything is correct, check them out and press “Submit.”
Note: Indicate the referral code if necessary to receive PHP 50 for the registration for both you and the person who referred you.
Step 5: Create a 4-digit mobile pin, often known as a mobile personal identification number (MPIN).
Step 6: Click “Submit” after reading the platform’s terms and conditions.
Final Step: You can now begin using the new account after clicking “Proceed to Login.”
How to verify your GCash Account?
Your account must first be validated before you can use any of GCash’s features.
Basic gives newly enrolled users access to GCash without requiring them to provide identification; however, the services you may use are minimal. Essential users are limited to using GCash to buy mobile loads, borrow, pay bills, and reserve movies.
You can use ALL GCash services, including transferring money, cashing out, receiving international remittances, using GCredit, cashing in (via PayPal, debit cards, or banks), making purchases with your GCash MasterCard, etc., once you are fully verified.
Account verification, often known as “Know Your Customer” (KYC), is the procedure used to confirm the identification of users of financial services like GCash. The Bangko Sentral ng Pilipinas (BSP) requires this one-time validation process to make sure you are a legitimate GCash user.
With GCash, convenience is elevated to a whole new level. The software offers so many options that it successfully eliminates the hassles of waiting in line and wasting time and the hardships of enduring the heat or rain in Manila traffic.
You can spend more of your time on the much more important things: family, friends, hobbies, and health, by using the hours you save.
Here are some of the offers and perks you can have with GCash:
A. Saving money with GCash
GSave by CIMB
Increase your financial security and independence in life by saving money with GCash’s GSave. Both people with bank accounts and those without them can save money more quickly and conveniently with GSave.
GSave doesn’t require balance. Therefore you don’t have to worry about it. Additionally, consumers benefit from a 3.1% interest rate on all deposits. In the app, you can instantly see your savings increase. The GSave feature lets you plan auto-deposit to ensure that you consistently save.
The Bangko Sentral ng Pilipinas (BSP) policy requires customers to provide more information about themselves since face-to-face verification is not necessary when creating a GSave account, so if you did not upgrade your GSave account within a year of opening it and without any signs of activity, your report will be closed. Your GSave account’s funds will be moved to your GCash Wallet.
#MySaveUp by BPI
Not your typical savings account, the BPI Save-Up Account is unique. It differs from standard bank accounts in automatically deducting funds from your BPI savings account. You can deposit directly into your Save-Up account if you have additional money. Additionally, it offers free insurance.
Save-Up Account Features
Interest rate: 0.125%
Required initial deposit: None
Minimum maintaining balance: PHP 1,000
Minimum balance to earn interest: PHP 5,000
As the name implies, you can automatically save money every month with this Save-Up account while earning more excellent interest rates than with other banks. For individuals who desire to grow their money, this account is perfect.
The BPI Save-Up Account offers numerous compelling reasons to save in addition to keeping your money safe, such as the fact that BPI allows account holders to transfer as little as PHP 250 so they can begin saving in their Save-Up Account. With that, you won’t feel under pressure to start saving a large sum of money right immediately, especially if you currently have other priorities.
The fundamental BPI Save-Up account also offers the account holder two different forms of insurance. Additional accident and life insurance up to PHP 2 million, or five times your average account amount, is available. You’ll feel more at ease if you receive such perks, especially if you support your family financially.
With a BPI Save-Up Account, saving money doesn’t have to be complicated. You can quickly and frequently set away money each payday with its auto-save feature without having to visit the bank or conduct online transactions.
Maybank EzySave+
Digital savings account EzySave+ by Maybank, which can be accessible via the GCash App, comes with exclusive benefits like a 5% cash credit and a base interest rate of 0.35%.
You can open digital savings account with the GCash App, allowing you to take advantage of the following features:
- No initial payment is necessary
- No annual charge and no maintenance balance
- With a P0.01 minimum balance, earn interest.
- Use ANY Bancnet ATM in the Philippines for free ATM withdrawals.
- Withdraw money from any ATM with the Visa logo anywhere in the world.
- Make purchases with your Maybank Visa Debit Card1.
- Subject to qualification, receive free personal accident insurance coverage of up to P1,000,000
For EzySave+, there is no lock-in term. If you stay within the established transaction limitations, you can use your GCash Application to deposit or withdraw at any time. However, the initial aggregate deposit cap for brand-new EzySave+ accounts would be Php100,000. This implies that you cannot deposit more money until your identity has been correctly verified.
How could I find my average daily balance?
Note: The Minimum Average Daily Balance (MADB) is P50,000. Up to P1 million per account holder, the coverage is two times that of the preceding month.
B. What is GLife?
The goal of GLife is to elevate and streamline your buying experience. It’s a brand-new, ongoing feature that incorporates “mini-apps” from different retailers or companies inside the GCash dashboard. Thanks to this new shopping function, you may now use the products and services of regional and worldwide online retailers within this app.
You may quickly order food online or purchase within the GCash app without having to download the online shopping app for your merchant. For instance, if you need to make a purchase from Lazada, you may simply shop within the GCash Lazada mini-app without accessing or downloading the full Lazada app. There are more than 30 lifestyle brands on GLife, including online stores, grocery stores, food delivery services, airlines, and more.
With GLife, you can also shop online and place restaurant orders using cash.
Select GCash as your method of payment, then confirm the transaction.
Because you’re already using the app to shop, processing your payment is more straightforward for you and the retailer.
In the GCash ecosystem, you can also make online purchases and payments in various ways. Through the GCash app, you can use your email to apply for American Express Virtual Pay or purchase a GCash Mastercard for Php150.
What is GInvest?
The GCash app is a platform within a platform that enables you to invest money (starting at P50) in a variety of funds, including money market funds, bonds, and equity funds. The latter includes international funds. The purpose of its creation is to encourage people to explore investing because the thought of financing may be somewhat intimidating.
How to use GInvest?
Utilizing the service is simply because it is already included in the GCash app; it works somewhat similarly to other apps in that you fill out forms and tap, tap, tap. Being fully verified on GCash is required to use the service. Search the app for the GInvest icon. You’ll be required to complete a test to determine your risk tolerance and “investment personality.” Along with your level of comfort with investing money, questions concerning your income and frequency of financing will be asked of you.
It’s up to you how you prefer to invest; you can do it whichever suits your risk tolerance. Bonds and local money market funds have an investment minimum of P50, while the global funds (Global Tech Feeder Fund and Global Consumer Fund) have an investment minimum of P1,000.
What is GCredit?
Don’t you have enough money in your GCash to cover your bills due on a specific day? Then, GCredit steps in to save the day. This aspect of GCash is comparable to a flexible loan or credit card. You receive a predetermined amount of money you can use whenever you like.
You can use your maximum limit one more after paying off your prior availments. Credit can be used from partner shops starting at Php 1,000 and rising to a maximum of Php 30,000 through GCredit to pay bills and make purchases.
How to Use GCredit?
The only distinction is that you must click your GCredit icon to pay the bills and then select the biller’s name, just like when paying your regular invoices via GCash (e.g., EastWest, Meralco, etc.). Enter your payment information, including account name, payment amount, and email. To proceed, tap “Next”.
Here’s a more intriguing aspect of the GCredit, though. Additionally, you have access to around 60,000 shops and merchants. Select “Credit” instead of “Balance” and then hit “Pay QR” if you’re planning to purchase groceries at specific retailers like Watsons, Jollibee, The SM Store, and others.
However, there won’t be any fees or penalties if you decide not to use your GCredit moving forward. If you don’t intend to use GCredit, you can choose not to activate it. You could also cancel your GCredit by phoning GCash Support, but for this to be successful, you must have no outstanding amount.
The earlier you pay, the less you pay in fees, according to GCredit. If you have a Php 3,000 GCredit and purchase a product at Watsons for Php 500 and pay the balance the next day, you may use the Php 3,000 as much as you like. The interest is calculated as follows: the borrowed amount multiplied by the 5% interest rate multiplied by the number of days borrowed divided by thirty days.
What is GLoan?
There is no need to run a credit check or confirm your creditworthiness when applying for a GCash loan. Your GScore, determined by how frequently you use GCash, will decide whether or not your application is approved.
Your score will be determined by your GCredit payments, wallet balance, and history of bill payments. The GScore doesn’t just make you eligible for an online loan from GCash. Additionally, you’ll be able to receive a credit line of up to 30,000, a 3% interest rate, and other advantages.
What is the interest rate on a GLoan?
Each user of GCash receives a different interest rate.
On the other hand, the GCash loan’s interest rate is 2.89% based on this GLoan example. You can calculate your GCash Loan using the formulas below to get the total amount owed, processing costs, and monthly installments.
Processing fees for GLoans are 3% of the loan amount. You will take this out of your overall loan receivable. The processing charge of ₱600.00 will be deducted from your loan proceeds if you request a loan of ₱20,000.00 Your overall loan balance due will be 19,400.00.
In the case of a loan for ₱20,000.00, you would pay ₱2,800.22 per month for nine months, for a total of ₱25,202.00. ₱5,202.00 add the ₱600.00 processing fee. Next, add up the fees and charges for your GCash loan interest to arrive at ₱5,802.00.
What is GGives?
With the help of the installment loan product GGives, you can buy something from a GCash partner merchant and pay for it over time in small amounts. Defined, it’s a buy now, pay later option that can be helpful if you need to make a quick purchase or buy expensive things.
More than 55,000 retailer partners, including grocery stores, pharmacies, transportation companies, and convenience stores, accept GGives. Interest rates for GGives range from 0% to 4.99%, depending on the loan length and your GScore. If the amount due is not paid one day after your due date, GGives assesses a penalty cost of ₱100.00 everyday beyond your due date, 0.15% more of your daily outstanding principal balance will be charged to your account.
The following quick comparison of these two products will help you discover the loan that best suits your needs because having many options can be bewildering.
How Else Can GCash Be Maximized?
A. Pay bills
GCash makes standing in line at payment locations less terrifying. You can complete your debt repayment with just one tap on your phone’s screen. With the app, you may quickly pay for loans, utilities, credit card payments, government bills, university fees, and more.
Even more, convenience is provided by GCash, which lets you save your chosen billers and billing information on the app. You can even create a monthly reminder to ensure you never forget another due date.
Transfer money
Worried about the costs your bank imposes on transfers and other outgoing payments to other accounts? Get the GCash application! You can instantly send money to anybody or any of our partner banks.
You can transfer money from your digital wallet to any affiliated bank using the Send Money To Bank Account tool, eliminating the need for additional banking apps! Be aware that sending money by bank transfer will cost Php15 beginning in November 2020. Regardless of the network you’re using, GCash also enables free money transfers from one GCash wallet to another.
Anyone can use GCash, regardless of whether they use Globe or meet the standard bank standards. You can change from a Globe prepaid sim to a postpaid line once you’ve accepted the mobile payment service and are prepared to advance your experience.
You can earn mobile promotions, bill refunds, and points by signing up with Globe Postpaid. These points can then be redeemed for cash at a number of partner retailers. Check out GPlan with GCash as well, a new flexible option that enables users to utilize GCash credits for mobile and life necessities including data allotments, content subscriptions, GInsure coverage, and gift cards.
Live comfortably knowing that you may pay your bills with GCash. You’ll soon receive more GCredit bonuses in addition to improving your GScore!
GCash New Features
A. GCash Personal QR
Convenient and safe are QR codes. QR codes can be created and used by businesses to facilitate transactions and payments, but anyone can use them! You can create personalized QR codes to send or receive money using GCash’s QR code feature.
This makes transactions safer and simpler for everyone involved because you don’t have to provide your mobile number, and there’s no longer any worry about sending money to the wrong numbers.
B. Better Security with Biometrics (Fingerprint or Face ID)
Nowadays, more transactions take place using smartphone apps. GCash has added an additional degree of security and privacy using biometric authentication. Users may now login using their fingerprint or Face ID. Your account is even more protected from fraudsters and scammers because of your biometric traits, which are impossible to hack and steal.
To use this, enable the function on your GCash account and update the GCash App to the most recent version.
Summary
The 2018 Telecom Asia Awards recognized GCash as the Best Mobile Payment Service, which has greater national significance. Additionally, statistics from App Annie, the industry standard for mobile data and analytics, lists GCash as the top banking app with the most significant number of active users among Filipinos (10 million downloads in just nine months).
By enabling anyone to pay for anything—from bills to online and offline shopping to loading prepaid cards—and send and receive money from loved ones anywhere in the world, GCash fills the gap between the banked and unbanked sectors. Additionally, GCash now offers credit lines, enabling all customers to complete urgent transactions.
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