GCash has launched an online shopping insurance with Singapore-based insurtech Igloo to add another layer of protection for its customer base of 46 million.
The surge in online transactions is apparent amid the Philippines’ prolonged lockdown. GCash has over 13 million log-ins daily, peaking at almost 15 million users in the second quarter of 2021. The app is expected to hit PHP 3 trillion in gross transactions soon –thrice its performance last year.
Its spike in success compelled the Philippines’ leading e-wallet provider to provide better security for each transaction made in the app regardless of the marketplace.
"This comes at an unprecedented time when we see robust growth in our 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 Martha Sazon, chief executive officer of GCash.
Igloo’s Online Shopping protection is the first of many products Igloo will be rolling out in GCash. This feature is part of Igloo’s Cyber Protection vertical, which secures financial loss from any marketplace fraud.
Mario Berta, country manager at Igloo Philippines, said that 44% of respondents from a TransUnion survey had been a target of a fraud scheme early this year. The majority of them fall under the Millennial and Gen Z category – the age bracket of most GCash customers.
“Now more than ever, is it most important to provide flexible solutions for the changing needs and processes of both businesses and customers… Igloo's protection is not only timely but very relevant to GCash customers' needs," Berta said.
Igloo entered the Philippine market with its collaboration with RedDoorz in 2019 and has since partnered with Union Bank of the Philippines and Philinsure.