GCash to extend financial services to OFWs, tourists

MANILA, Philippines— Digital wallet platform GCash is set to roll out new programs this year that would expand its online monetary services globally.

At the FutureCast 2024 last Friday, GCash introduced several new features of the mobile application such as extending its reach to tourists and Filipinos living outside of the country.

FutureCast is an annual assembly where the finance app showcases the incoming innovations and updates.

International cash-in

Over 10 million overseas Filipino workers (OFWs) will soon be able to transfer their money from their international bank accounts to GCash.

According to Alex Dizon, the product head for international transfers and disbursements, GCash Overseas will further stretch out to 16 countries. These include the United States (US), Canada, Italy, United Kingdom, Australia, Japan, Spain, United Arab Emirates, South Korea, Taiwan, Germany, Hongkong, Qatar, Singapore, Kingdom of Saudi Arabia and Kuwait.

So far, over 12,000 US banks can make digital transfers. Banks in the European countries will later be allowed digital transfers.

The international cash-in will be free for the entire month. After July 31, any deposits made will be charged with $1 per transaction.

Tax refunds

Filipino tourists can soon claim their digital tax rebates through the use of the e-wallet platform.

Through the partnership with tourism shopping tax refund company Global Blue, international travelers will be able to reclaim their value-added tax (VAT) on some of their purchased goods abroad.

This feature is available in European countries such as Spain, Italy, France and Germany.

Neil Trinidad, GCash’s chief marketing officer, said that they are also looking into reaching Asian countries for this program in the future.

“We’re seeing the tax where [there is] a lot of demand, as well as the partner’s user recommendations and based on how it performs. We’re very open to rolling it out to other countries as well,” he said.

“As long as [other countries] accept Global Blue,” Trinidad added.

Other financial features

Aside from taxes and international transfers, the financial platform has partnered to help businesses in the tourism industry such as a temporary e-wallet for tourists and convenient budget allocation for travel tickets and accommodations.

GTravel, a feature to be released in the app, aims to fast-track any monetary transactions by booking flights and hotels.

“Coupled with GInsure, travelers can now apply for travel insurance powered by Standard and Malayan with coverage of up to P2.5 million,” GCash stated.

Additionally, a digital insurance platform will provide travelers lounge access in case of delayed flights.

Meanwhile, tourists visiting the country may also lessen their need to exchange their currencies as GCash will soon allow them to have 30-day access to digital payments.

GCash is one of the country’s largest finance online platforms under Mynt, a subsidiary of Globe Telecom.