GCash, the undisputed number one and preferred mobile wallet in the Philippines, has given over a million of its valued users a surprise limit increase amid the global health situation to help more Filipinos to maximize the benefits of digital finance.
Users may increase their wallet limits by linking their bank accounts or debit cards to their GCash wallets. Upsized wallets have a hold up limit of P500,000 per month. Bank accounts that enable users to raise their limits include BPI, UnionBank, and other locally-issued debit cards that are enabled by either MasterCard or Visa.
“Increasing the wallet limits of our users will definitely give our users more reasons to use GCash, especially now that digital services are on the rise, as strict health and physical distancing protocols have been put in place. Through GCash, they have the ability not only to pay for services, but also to save, invest, purchase insurance, and even tap into credit lines,” Sazon added.
Fully-verified GCash accounts with no linked bank accounts or debit cards have a wallet limit of P100,000.
Linking bank accounts to GCash is easy. Simply click on Settings then tap on My Linked Accounts. From there, they may choose their banks and fill out the necessary information. It may take up to 7 working days for users to receive a text notification that their wallet limits on GCash have increased.
An sms will be received by the subscriber informing them about the increase and a pop-up notification will be seen in App.
“We have seen tremendous growth in both our user base and the use of our service. We are grateful for the opportunity to help in keeping people safe from the virus, while helping them cope through digitally-enabled services. This is our way of enabling people even better towards our journey to become a cashless society,” GCash President Martha Sazon said.
For the first five months of 2020, GCash recorded unprecedented growth, with transactions ballooning by 700 percent year on year, as demand for digital finance continues to soar amid the global health situation.
GCash has also been the top finance app in both Android and iOS since last month, and has consistently been included in the list of top apps next only to social media app TikTok and social conferencing app Zoom.
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.