GCash is set to introduce Send Money Protect as an in-app feature that provides additional protection when sending money digitally. Check out more details below.
GCash has implemented top-notch cybersecurity systems to protect its users. Additionally, the mobile wallet service has introduced a new layer of protection called "Send Money Protect" (SMP) on its in-app feature, GInsure. It provides users with confidence and peace of mind when sending money online. The service is available for as low as 30 Pesos per month.
SMP is a protection service that offers users comprehensive protection against various scams like online shopping frauds, account takeovers, and social engineering. This service is available for transactions made through the "Express Send" feature in the app. It is offered in partnership with Chubb, the world's largest publicly traded property and casualty insurance company. Users can easily avail of the SMP service once every 30 days.
According to studies, almost half of Filipino adults (45 percent) have been targeted by scams, and 11 percent fell victim. This has caused uncertainty around digital payment methods, hindering progress towards financial inclusion.
Winsley Bangit, GCash vice president for New Businesses, said:
We at GCash believe in building partnerships that amplify the value we provide to our users. That's why we've teamed up with Chubb, a global insurance leader and our partner in consumer protection, to bring you an added layer of protection. This collaboration ensures that you have added financial protection from the unexpected when transacting online, giving you the confidence that your hard-earned money is in safe hands.
Mari Rachelle Canta, Chubb Philippines' Country President, noted:
Our partnership with GCash further strengthens our mission to serve millions of customers by providing a safety net through embedding insurance in everyday transactions. Now, GCash users have enhanced protection from cybercrimes with Send Money Protect.
The partnership between the fintech company GCash and its consumer insurance partner, Chubb, was officially solidified on September 13, 2023, through a ceremonial signing of the Memorandum of Agreement.
The service aims to strengthen user confidence in a secure, financially inclusive, cashless ecosystem that protects against fraudsters and cyber threats.
Although currently in beta and only accessible to GCash and Chubb employees, GCash has announced that it will be fully available to everyone by November 13, 2023. This product is a significant milestone, promising a secure and hassle-free online transaction experience.