GCash may soon offer cryptocurrency trading

GCash, a mobile wallet, is looking into adding bitcoin to its increasing list of financial products and services.

The organization, which is run by Globe Fintech Innovations Inc., is looking into offering, purchasing, selling, and holding cryptocurrencies, according to GCash president and chief executive officer Martha Sazon.

“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” Sazon added.

“Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps,” she said.

Users may now buy and trade Bitcoin through payment app heavyweights like PayPal and Square.

With over 40 million users as of end-April, GCash has emerged as the country’s biggest mobile wallet.

According to Sazon, 40% of Filipinos now have a GCash account, with active users using the app more than twice a day.

She claims that a third of the app’s monthly active users are also paying customers for one of the company’s financial services.

Users can now use the GCash app to purchase, save, invest, and acquire insurance coverage, among other things.

Users can invest as little as P50 in professionally managed local and worldwide funds using the app’s GInvest function.

GInsure, another feature, offers low-cost insurance coverage for medical emergencies including dengue fever, COVID-19, and accidents for as little as P300.

GSave is a totally digital, safe, and hassle-free savings account developed in collaboration with CIMB Bank for easy money management.

It has no maintenance balance, no fees, and no initial deposit, and it is fully accessible once the account is created.

According to Sazon, Gcash has four million registered GSave accounts and 1.4 million registered GInvest accounts as of end-April.

She stated, “We will continue to innovate and provide relevant and accessible financial services for all,”

Source: PhilStar

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