By Business News Asia
Philippines’ leading e-wallet provider GCash, has launched an online shopping insurance – underwritten by PGA Sompo – with Singapore-headquartered regional insurtech Igloo, to protect its growing online customer base. This launch and partnership come at a time where GCash has seen a surge in online transactions and is on track to hit PHP 3 trillion in full-year gross transactions – 3x of last year’s performance. This was driven by Filipino consumers shifting to online for their daily needs.
Today, there is an increasing demand to go cashless and more merchants and retailers are opting for the convenience of e-commerce, and express peer-to-peer cash transfers.
Over 70% of Southeast Asia is online and last year, the region saw 40 million new users join the internet. In a recent survey, the Philippines alone saw 37% of all digital service consumers are new to the service due to COVID-19. The survey also shows 97% of these new digital consumers will continue to use digital services going forward. This has led to an increasing need to be able to secure each transaction. Through this partnership with Igloo, GCash aims to provide peace of mind to its 46 million users while they shop online. The GCash app also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021. This year, GCash aims to reach its PHP 3 trillion Gross Transaction Value (GTV) target and currently processes an average of PHP 300 billion in monthly transactions.
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