GCash introduces Send Money Protect (SMP) for added security, priced at PHP 30/month
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| The SMP feature inside the app |
GCash introduces Send Money Protect!
The new in-app feature is called the Send Money Protect (SMP) which is powered by global insurer Chubb via GInsure. When transmitting money digitally, SMP gives users assurance and peace of mind for as little as PHP 30 per month.
If you go to the GCash page, it explains that this is a personal cyber insurance product that secures your GCash Express Send money transfers to other GCash users for up to PHP 15K. More information here.
SMP protects customers from the most prevalent scams, such as online shopping fraud, account takeovers, and social engineering, for transactions made using the app's "Express Send" feature.
SMP, which is provided in collaboration with Chubb, the world's largest publicly traded property and casualty insurance business, is easily obtainable once every 30 days.
According to the financial app, there's a study that displayed 45 percent of Filipino adults were targeted by scams and 11 percent became a victim. This has caused some consumers to be skeptical of digital payment methods, risking progress toward financial inclusion.
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, said GCash vice president for New Businesses Winsley Bangit.
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, emphasized by Chubb Philippines' Country President Mari Rachelle Canta
GCash and Chubb's cooperation was formalized on September 13 with the ceremonial signing of a Memorandum of Agreement (MOA). Signatories included from GCash: VP for New Businesses, Winsley Bangit and GInsure Head, Joseph Nino Young; and from Chubb in the Philippines: Country President, Mari Rachelle Canta and VP & Head of Consumer Lines, Maurice Hilario.
The service's goal is to enhance the confidence of users in being part of a financially inclusive cashless ecosystem that is secured from scammers, fraudsters, and cybercriminals.
As of the moment, the service is still in its beta phase and available exclusively to CCash and Chubb employees. Meanwhile, the full rollout will be on November 13, 2023. Visit GCash's website for further data.
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