Filipinos have become more concerned about securing their personal finances during the pandemic, latest data from GCash, the undisputed leader and preferred mobile wallet in the Philippines, showed.
GCash Save Money, the mobile-first savings product of GCash, saw total transactions skyrocketing by 900 percent year-on-year for the month of July alone, reflecting that Filipinos are now more mindful of saving money during these trying times.
Boosted by an exponential increase in deposits and withdrawals, GCash Save Money has helped millions of Filipinos own a personal savings account right through their mobile phones.
“We’re happy to see that GCash Save Money is growing at an exponential rate even during these challenging times. As Filipinos are now becoming more conscious of handling and managing their finances, GCash Save Money empowers its users to have democratized access to a savings fund that could potentially safeguard them from emergencies,” GCash President Martha Sazon said.
GCash Save Money functions as a normal savings bank account but unlike traditional banking, opening a savings account with GCash Save Money removes the hassle of providing a long list of documents and going to a physical bank branch.
It is fast and easy. By having a fully verified GCash e-wallet account, you can open a savings bank account in just one click.
Most of the traditional banks require a minimum of P2,000 to maintain and keep user accounts open, but with GCash Save Money, users have democratized access to savings as there is no need to maintain balances to be able to open and keep their accounts. A GCash user can open a savings account and can deposit any amount later.
In addition, GCash Save Money has the best interest rate in the country. With its 3.1 percent interest rate per year, GCash Save Money offers users more value than traditional financial institutions, which offer an average annual interest rate of 0.25 percent.
GCash Save Money also offers attractive promos and benefits such as the Free Insurance and the Special 4-percent Interest Rate for account holders with savings amount of P100,000 and over.
“The gradual shift of the people to do mobile banking and digital savings during these challenging times brings us closer to our goal of leading the Philippines to a more cashless lifestyle that provides them access to various digital financial tools and services available — an environment where financial inclusion thrives,” Sazon said.
At present, 7 out of 10 Filipinos still do not have formal bank accounts. Unbanked Filipinos are vulnerable to inflation and the highest borrowing rates such as the 5-6 scheme, and have very limited options to none in growing their finances.
“We think the Filipino society is slowly adapting to the changing landscape of savings and transactions and realizing its benefits and conveniences. GCash assures them that opening a savings account need not be intimidating, scary and tedious as we offer a hassle-free, convenient, safe and secure way to save and grow their money through GCash Save Money,” Sazon said.
GCash Save Money is powered by CIMB Bank Philippines, insured by the Philippine Deposit Insurance Corp. (PDIC) for up to P500,000, and is regulated by the Bangko Sentral ng Pilipinas (BSP) which ensures a safe, secure and convenient way of banking for Filipinos.
“We are making great strides in our dream of converting Filipinos from being merely tech and net-savvy people to wise and financially-conscious individuals, having their own individual bank accounts through their mobile phones and establishing a cash-lite nation,” Sazon added.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.