The Pros and Cons of GCash Virtual Wallet in the Philippines

From paper money to checks to credit cards. Modes of payments have evolved and changed to make each transaction easier and safer to use. With the recent boom in apps and QR codes here in the Philippines, it has made strives by bringing out a new form of payment called virtual wallet.

Virtual wallets or E-wallets have now become a mainstay in the Philippines. Helping everyone in their daily tasks from paying simple bill and shopping it has minimised the hassle of carrying cash around or the trouble of going to the bank just to do simple transaction. One of the major virtual wallets in the Philippines right now is GCash, creating a new dynamic in both the finance and tech industry of the country.

What is GCash?

GCash is an online E-wallet, which can be topped up in cash or money for payments. It acts as an intermediary for transferring money from the bank account to the E-wallet and can be used later for future purchases, removing the need to give out bank account numbers for simple transfers and payments.

GCash was launched in 2004 by Globe telecom. Its main goal in this app was to help people of the Philippines, who were spread across the country, making it difficult for banking institutes to help each individual in their daily transactions, in most cases having to travel real far for simple everyday tasks. The use of mobile phones have now become a mainstay among everyone making it easier for people to access these apps, meaning that even most low income people can make these daily transactions with ease.   

GCash Services

  • Paying bill with a simple tap from the screen. Paying bills have never been easier. With the GCash app waiting in line has now become a long forgotten thought. The app allows to pay utilities credit card, government bill, loans and even tuition fees.
  • Bank transfers for free. Are you afraid of bank charges? Well, don’t be, as with GCash transferring money has now been reduced to zero, since there’s is accessibility from the virtual wallet to any partner bank and the need for countless bank apps is also eliminated.
  • Send money to other GCash wallet users. GCash users can also transfer money to other ones, making it easier and safer than reading out the bank account number to do simple transfers.
  • Invest money with various investment funds available in GCash. To invest, the user needs a verified GCash account and at least P50 in funds. There is also no need for a bank account.
  • Book tickets (Ayala Malls, Uptown Bonifacio, SM Supermalls) – Book tickets for movies and events without having the hustle in long queues and rushing to get a ticket.
  • Use Gcredit. Think about GCredit as a personal credit line with the app. It can be used to shop now and pay later at partner merchants or to pay the bills. This feature is only available for fully verified users who have raised their GScore to ascertain level.
  • Shop online. With this shopping can be done in the comfort from home in local and international stores. To use this feature, apply for American express Virtual Pay through the GCash App with email or get a GCash MasterCard.
  • Buy in store. Now you shouldn’t worry if you forgot to bring cash. GCash allows the capability of making payments through in-store purchases with over 63,000 GCash merchants.

GCash Registration Steps via the GCash App

  1.   Download the GCash mobile app through the App Store or Google Play Store.
  2.   Enter your mobile number and tap “Next.”
  3.   You will receive a six-digit authentication code on the number you provided. Input the code, then tap “Submit Code.”
  4.   Provide your information in the next pages such as name, birthdate, address, and email address, and tap “Submit.”
  5.   Create a four-digit mobile PIN (MPIN). You will use this MPIN in all GCash transactions.
  6.   Read through the Terms and Conditions and tap “Submit.”
  7.   Tap “Proceed to Login” to explore your new GCash account. Log in using your four-digit MPIN.

How to Get a Loan in GCash

GCash also has features which help in getting a small loan for people who do not have enough money to buy consumer goods. With this service it will enable everyone to increase their spending without taking high risks. It is safe and fast at conducting cashless online transactions. Access to transfer in 30 leading banks of the Philippines, account security and electronic money which is stored in it. The loans limit is around ₱3000-₱30000.

  •    To apply for a loan, first download the GCash app, register and go through the verification procedure(only verified users with a GScore bonus points on their account can apply for a loan).
  • Click the “Credit Management” button and enter the personal contact information necessary to obtain a loan.
  •   Then application will be processed by a special online system that will decide on the advisability of issuing a loan on the basis of the information received and the number of GScore points.
  •   In case of approval of the application the GCash app will have a specified login and a corresponding notification will pop up.

Loan repayment is also very simple. It is performed directly through the GCash app. All you have to do is to use the “Pay bills” function and specify your loan agreement number and the repayment is done instantly.

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Pros of GCash

It has become a reliable method of financial prowess for people of the Philippines, to use GCash without having to go to the bank every day for even the minor tasks.

  • GCash can be used to make both international and local purchases online.
  • In relation to the stores that support GCash it has become even more versatile in making sales for businesses. Now you don’t have to go through the lengths of getting a card machine and dealing with the extra bank transfer cost. It has been made simpler for customers (if they don’t have cash) as well as sellers.
  • Most of these transfers can even be done by a simple QR scan.
  • The process of booking the tickets and movies has now become ten times better with GCash allowing it to be bought through the mobile app lowering the time wasted for waiting in lines and rushing to get the tickets before they run out.
  • GCash also allows to use credit services for verified users to withdraw more than what they have enabling more shopping now and pay later.
  • Investment opportunities are also available for GCash as its various investment funds are available.

Cons of GCash

  • Now GCash has been a widely used app and virtual wallet in the Philippines. But it is not free from its fair share of criticism.
  • One of the main issue which almost everyone seems to bring up is the poor customer service. Users complain that the app doesn’t have adequate features to contact the customer service: huge amount of useless auto messages instead of the possibility to talk to customer service directly.
  • GCash has also a problem with the monthly and annual limit in how much one can transfer. The error message may pop up but it doesn’t clearly state how much that limit is or how much the remaining is.
  • The app is even shown to have some bugs which could say it has sent a fund but does not show that it has been received.
  •  ₱20 charge for a cash-out of more than ₱1 000.
  • GCash features are mostly limited to other GCash users, so if it is a point where one does not have GCash, they may require to use Cash instead.
  • Competition of Pamaya and coins have started become more popular, creating the more people to switch and having to struggle in transferring money from one person to the other.
  • GCash has been a great app and eased up the pain with using the bank or cash to do everyday transaction. It has cut down on costs and flourished in creating a better route of fluid transaction.

Most people who cannot find either time or place to waste in queues or lines are now freed of waiting and can do it simply tapping the screen, whether it’s in the comfort from home or on a holiday trip. The financial matter is simply solvable in the pocket.

Although GCash has some issues which are the cause for concern it can still solve them and without a doubt give out better results in the future.

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Written by | Modified date: March 02, 2020

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