GCash racks up 51.4M micro-insurance policies
GCash has been seeing strong traction in its micro-insurance products as it zeroes in on the underserved market segment.
In a statement on Monday, the Ayala-led e-wallet brand said that the GCash insurance platform, GInsure, had issued over 51.4 million policies as of the first quarter. GInsure was launched in 2021.
GCash has over 14.6 million users as of the latest report.
“We are humbled to be able to come to the aid of users who are looking for a more affordable and accessible way to protect themselves and their loved ones today and in the future,” said Winsley Bangit, vice president and head of new business at GCash.
The platform has a portfolio of 48 insurance products providing coverage for health, life and travel, among others.
Amid the rising fraudulent activities, the GCash offers protection for online transaction purchases to shield customers from scams.
It has also launched a free health and accident insurance to customers buying mobile load credits via the GCash app.
The super app has also been focusing on ramping up its other features.
Tech and reach
Earlier this year, GCash enabled its Tap-to-Pay service. This enables users to make payments by just tapping their mobile phones through near-field communication (NFC) technology.
NFC is a short-range wireless technology that enables connection between the payment terminal and mobile devices.
Meanwhile, its partner cross-border payment solution company Alipay+ teamed up with Japanese digital payment service operator PayPay.
This expanded GCash’s presence in Japan. This enables Filipinos to use the e-wallet for payment in more stores, including small businesses in the countryside.
The Ayala-led company is also working with international payment gateway Visa. This is to enable GCash users to transact with over 100 million merchants across 200 countries and territories.
GCash is currently gearing up for an initial public offering (IPO). Carlo Puno, chief financial officer and treasurer of parent company Globe Telecom Inc., said in April that they were working on becoming “push-button ready” for the IPO launch. But Puno stressed the need to evaluate the market first before doing so.
Last year, the financial technology player achieved a $5-billion valuation.
