GCash MasterCard – An Alternative To Banking

GCash MasterCard

There’s a saying that time is money. For that to be true, it has to be paired up with convenience and I believe GCash is a great tool for that.

Many Filipinos are from far away provinces who come to Manila in search of work. They send money to their love ones back home after they receive their salaries from work. But in situations of emergency where they urgently need to send money to their families immediately, conventional banking can lag behind in providing the needed services for this matter. Especially during non-working days or after working hours. “Digital wallets” like GCash provides a solution for similar problems and also offer greater ease for other transactions online.

How does GCash work?

First, you need a Globe mobile SIM in your phone. Then install the GCash app from Google Play or the App Store on your mobile device. Just follow its simple instructions on how to set it up with your email. Note: Make sure you also use your real name in setting up the app. This will be important later for verification at a Globe Telecom outlet. Otherwise, you can’t use its other features like withdrawing from an ATM or sending money.

You will eventually need to add funds on your account first before you can make any transaction and there are many options on how to load credit funds on your GCash. You can try bank transfers, you can try paying over the counter at a Globe store or any authorized GCash partner stores, or the easiest one which is paying at a 7-11 store. You can also put credit on another person’s GCash wallet even if you don’t have GCash yourself. As long as you know the Globe number of that person you’re buying credits for, you can go to 7-11 and pay there.

With GCash, people are able to send money through its mobile app. That means, if I have credits or funds in my GCash wallet, I can send it to another person’s GCash wallet wherever he may be. This can be done with just a few clicks on my mobile phone at the comfort of my home. No need for standing in line at the banks or waiting for the weekdays to come before I could do this transaction.

You can buy load or pay for a movie ticket. You can also pay for your utility bills like Meralco straight from the app if there’s enough funds. GCash has even come up with an investment platform within its app but unfortunately it’s still on Beta mode and can only be used by selected users. I am very excited with that and hoping I could one day invest with GCash’s financial company partners.

Once your GCash account is verified at a Globe outlet, you can also apply for a free American Express virtual card number that will also be tied up to your GCash wallet. You can use that for shopping in US sites like Amazon and Ebay and you’ll also be provided with a free US address from MyShopping Box.

GCash MasterCard

Yup, GCash has also paired with MasterCard’s prepaid card services. If you already have a GCash wallet installed on your mobile device, you can go to any Globe Telecom outlet and purchase a prepaid debit card for only P150. You only need to bring a valid ID for verification purposes, which should also only take a few minutes. It’s also way easier and faster than opening a conventional bank account.

With the debit MasterCard, you can use it for online transactions and other payment options. You can link it with your Paypal account and you can also use the debit MasterCard to withdraw funds from your GCash wallet at any MasterCard or BancNet affiliated ATM’s for a P20 fee.

Do we still need banks?

Yes, absolutely. Digital wallets are an amazing thing, but I personally do not recommend for anyone to put the bulk of their savings in them.┬áThe interest of savings accounts from banks might be small and insignificant for many people but at least your money at the bank is insured. Digital wallets are very helpful in giving us control of our money especially if we’re transacting with people who are far away from us at inconvenient hours.

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