The time for young Filipino children to achieve financial freedom has finally arrived!
GCash, the country’s leading mobile wallet, has announced the availability of the newest e-wallet within its app that has been designed specifically for minors aged 7 to 17 years old.
Kick-starting the digital financial journey of kids and teens
Aptly called “GCash Jr.,” this latest product offering from Mynt gives children an opportunity to achieve financial freedom. It teaches them how to become financially aware and responsible at an early age.
The app also gives young Filipinos a safe and secure cashless payment channel while providing a trendy user interface so that kids can have a fun, digital experience — whether it’s gaming, listening to music, doing online shopping, and many more.
GCash Jr. has designed an easy dashboard to access GCash’s convenient features such as online payments and paying QR for K-Pop merchandise, buying load for gaming credits and skins as well as ‘GLife’ for food deals and the latest fashion trends.
Young users are also provided access to a host of digital financial services replete with exciting offers such as exclusive fandom deals, gaming vouchers or discounts, premium access to their favorite shows, music, and so much more.
To register, all they need to do is to download the app for free on Google Play and the App Store. They could also click on this link — https://www.gcash.com/profile/gcashjr — to learn more about the app.
Safety and security remain a top priority
Similar to regular GCash accounts, “GCash Jr.” follows a stringent KYC (Know-Your-Customer) process.
Minors aged 7 to 17 years old will need to submit a photo of any of the following: a student ID, passport, or national ID. Their parents will then be required to input their fully verified GCash account for reference and will be asked to take a selfie with the ID submitted by their child.
GCash Jr. users will also be required to submit a scanned copy of their birth certificate. Once all these requirements have been submitted, they will then receive an SMS confirmation as a fully-verified GCash Jr. account user.
Going above and beyond pandemic services
Prior to COVID-19, cashless payments were viewed as something that only the rich can manage, with credit and debit cards. But once the pandemic arrived, practically all financial transactions started taking place online.
Businesses, both big and small, had to find ways to enable consumers to go cashless.
Since not anyone had credit cards and not all merchants had the ability to accept credit card payments, a new way to pay had risen across all social classes – through mobile wallets.
Within the last two years, GCash has become synonymous with sending and receiving money in the same way that Google has become synonymous with searching for information online.
Fund-raising activities like “piso para sa laptop” during the onset of online classes and volunteer efforts like the community pantries were made more successful thanks to the ease of donating via GCash.
It wasn’t only the sending and receiving of money during a pandemic that was made easier, but the payment of bills, too! Why take a risk by going out to line up at stores or Bayad Centers when you can pay practically all of your utility bills via the GCash app?
Making “finance for all” possible
But the company doesn’t want to stop at just making sending and receiving money and paying bills easier and more convenient. GCash is supporting the Bangko Sentral ng Pilipinas (BSP)’s Digital Transformation Roadmap and its efforts in promoting payments digitalization and financial inclusion for every Filipino. It wants to make “finance for all” possible.
What does “finance for all” mean? This means making even the traditional banking services available even to the unbanked, no matter where they are in the Philippines.
GCash has already started on this with ‘GSave,’ a savings bank within the GCash app that allows users to save money and earn interest like how they would in a bank. According to the company, about 20 percent or one in five Filipinos now have a GSave account.
There’s also ‘GInvest’ within the GCash app, which makes investing more accessible and less intimidating for the average Filipino. With this app, GCash can help identify a person’s risk appetite and match it with a product that suits his or her budget.
Finally, one other financial solution that GCash wants to make available for every Filipino is access to fair and transparent loans. With all the requirements and the sometimes inhumane collection process, loan applications aren’t exactly a walk in the park in the country these days.
Paying in installments without a credit card is now possible through ‘GGives,’ where a user can borrow up to P50,000 and pay the loan within 12 months. Since its launch, GCash said that it has already disbursed more than P30 billion in loans.
While all these services have already been made available, what GCash is doing now is putting them all in one place to take away the burden of engaging different providers and paying in different kinds of ways.
So now, Filipinos can get all these services and pay for them, too, just by using one app and one mobile wallet.