Manila, Philippines – Digital financial services firm GCash has recently launched its latest innovations, which focuses on improving the country’s financial technology landscape as well as its customers’ experiences using artificial intelligence.
One of the innovations introduced is a security feature aimed at making online transactions safer. Launched under the name Online PaySafe, this feature directs customers to the GCash app during their payment process using multi-factor authentication. The said move thereby enhances security and reduces the risk of account takeovers, payment scam links, and website spoofing.
Another innovation made was an upgraded version of ‘Gigi’, GCash’s Help Centre chat bot, which is powered by generative AI. Upgrades to the chatbot include managing common queries, escalating complex issues, conducting security checks, accessing past conversations, and connecting users to live agents when necessary.
Moreover, GCash has also rolled out new AI-powered features within their app, beginning with GScore AI. This feature calculates users’ creditworthiness and loan eligibility based on their daily app usage, eliminating the need for forms or additional documents.
Apart from this, GCash also operates a hyper personalised ad-serving platform that uses users’ shopping preferences. They then match them with personalised offers from GCash partners and merchants, enabled by AI, selecting deals that align with individual preferences.
In addition, GCoach AI is an in-app guide for financial matters, using generative AI to educate users on spending, saving, and growing their money. It also offers personalised insights and links users to auto-deposit features within the app.
On the other hand, GCash has partnered with Chubb and introduced Send Money Protect. For this initiative, users can now insure their transactions against potential scammers for up to 30 days with a small fee. This service aims to protect users from fraudsters who might impersonate known contacts or legitimate stores.
Speaking about the innovations, Martha Sazon, president and chief executive officer at GCash, said, “Today, you can expect innovations that will ‘Change the Game’. But the real game-changer is how we can make a meaningful impact on Filipino lives.”
Lastly, two new payment innovations were also introduced by the firm. The first involves a tap-to-pay feature powered by near-field communication. This allows users to make payments by simply tapping their phone at turnstiles, facilitating faster commutes.
The second is a collaboration with Huawei, which makes ‘Watch Pay’ the first payment method via smartwatches in the country, permitting users to make payments by scanning a QR code on their wrist.
These advancements are intended to foster Filipinos’ financial growth through secure, accessible, and innovative financial solutions.
