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Top PH e-wallet GCash launches first-of-its-kind online shopping insurance

Manila, Philippines – Top e-wallet in the Philippines GCash’s new service is a step forward in customer service and in fulfilling its brand promise of safe financial transactions. In partnership with Singapore-headquartered regional insurtech Igloo, GCash launches a first-of-its-kind online shopping insurance protection that will secure consumers from online marketplace fraud.

Igloo’s Online Shopping product is part of its Cyber Protection vertical, which secures financial loss arising directly from any online marketplace fraud. Through the partnership, GCash users will be protected from any transaction they make via online marketplaces such as Lazada, Shopee, including Viber, and Facebook marketplaces as long as their payment was fulfilled through the GCash platform. 

GCash continues to be the leading digital wallet in the Philippines and is continually amplifying its services. The fintech has also recently announced that it is eyeing to launch a Buy Now Pay Later service within this year. 

Martha Sazon, GCash’s president and CEO, said that the shopping insurance offering comes at a time when they have seen robust growth in online transactions and user base.

“With excellent customer experience being the heart of our business alongside value-added services through our platform, we are thrilled to launch this new product with Igloo that secures online transactions for our customers,” said Sazon.

Mario Berta, Igloo’s country manager for the Philippines, commented, “We are excited to partner with the leading e-wallet in the country, GCash, who shares the same vision of protecting digital consumers by pioneering innovative solutions to end-customers at an economical price. With the growing number of digital consumers in the country, now more than ever, is it most important to provide flexible solutions for the changing needs and processes of both businesses and customers.” 

According to GCash, its users currently stand at 46 million. The app has also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.

GCash has been integrating insurance as one of its value propositions to users. Within the app, it currently offers a line of insurance products similarly powered by Singapore-grown insurance firm, Singlife. GCash’s offerings are mainly characterized by low-cost premiums and include a range of protection from income loss to health coverage such as Dengue and even COVID-19.

The Online Shopping protection is one of the first products Igloo will be launching with GCash but will soon be rolling out more products with the e-wallet in the next six months that will be geared towards MSMEs.