New in-app feature ‘Send Money Protect’ powered by global insurer Chubb via GInsure
In our increasingly digital age, money transfers have become an integral part of our daily transactions. However, the prevalence of scammers, fraudsters, and cybercriminals has led to various strategies to exploit users and take advantage of the cashless economy.
Recognizing the need for enhanced security measures, GCash, the Philippines’ leading finance super app, has introduced ‘Send Money Protect’ (SMP) as part of its GInsure in-app feature. SMP serves as an additional layer of protection, instilling confidence and peace of mind for users engaged in digital money transfers, all for as little as P30 per month.
SMP offers comprehensive protection against common scams, such as online shopping fraud, account takeovers, and social engineering, for transactions performed through the app’s ‘Express Send’ feature. Developed in partnership with Chubb, the world’s largest publicly traded property and casualty insurance company, SMP can be easily availed once every 30 days.
Studies reveal that 45% of Filipino adults have been targeted by scams, with 11% falling victim to them. These statistics have fueled uncertainties among some users regarding digital payment methods, potentially hindering progress made in achieving financial inclusion.
Winsley Bangit, GCash’s Vice President for New Businesses, underlines the importance of partnerships that enhance user value: “We at GCash believe in building partnerships that amplify the value we provide to our users. That’s why we’ve teamed up with Chubb, a global insurance leader and our partner in consumer protection, to bring you an added layer of protection. This collaboration ensures that you have added financial protection from the unexpected when transacting online, giving you the confidence that your hard-earned money is in safe hands.”
Mari Rachelle Canta, Chubb Philippines’ Country President, emphasizes the safety net provided by this partnership: “Our partnership with GCash further strengthens our mission to serve millions of customers by providing a safety net through embedding insurance in everyday transactions. Now, GCash users have enhanced protection from cybercrimes with ‘Send Money Protect.’“
The formalization of this partnership between GCash and its consumer insurance partner, Chubb, was marked by a ceremonial MOA signing on September 13. Signatories included Winsley Bangit, VP for New Businesses, and Joseph Nino Young, GInsure Head, from GCash, and Mari Rachelle Canta, Country President, and Maurice Hilario, VP & Head of Consumer Lines, from Chubb in the Philippines.
Currently in its beta version and available exclusively to GCash and Chubb employees, GCash has announced that it will be fully rolled out by November 13, 2023. This milestone product will soon be accessible to all users, promising a safer and worry-free online transaction experience.
Chubb Limited, the parent company of Chubb in the Philippines, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations, employing more than 40,000 people worldwide.
For more information, please visit https://www.gcash.com.
