Philippines’ GCash launches online shopping insurance

The e-wallet provider has teamed up with, insurtech, Igloo for this new product.

The Philippines e-wallet provider, GCash, has launched online shopping insurance with Singapore-headquartered regional insurtech, Igloo, to protect its growing online customer base.

This launch and partnership come at a time where GCash has seen a surge in online transactions and is on track to hit PHP3t ($60b) in full-year gross transactions - 3x of last year’s performance. This was driven by Filipino consumers shifting to online for their daily needs.

Through this partnership with Igloo, GCash aims to provide peace of mind to its 46 million users whilst they shop online.

The Online Shopping protection is one of the first products Igloo will be launching with GCash and its customers but will soon be rolling out more products with the e-wallet platform in the next six months that will be geared towards MSMEs which are about 90% of the businesses in the Philippines, securing the entire ecosystem of both seller-business owner-and-buyer.

Igloo’s Online Shopping product is part of its Cyber Protection vertical, which secures financial loss arising directly from any online marketplace fraud. With its pioneering partner, GCash to GCash users will now be protected from any transaction they make via online marketplaces such as Lazada, Shopee, including Viber and Facebook marketplaces as long as their payment was fulfilled via the GCash platform.

“We are excited to partner with the leading e-wallet in the country, GCash - who shares the same vision of protecting digital consumers by pioneering innovative solutions to end-customers at an economical price. With the growing number of digital consumers in the country, now more than ever, is it most important to provide flexible solutions for the changing needs and processes of both businesses and customers,” Mario Berta, Igloo Philippines Country Manager said.

Since its entry into the Philippines with its collaboration with Southeast Asia’s largest and fastest-growing hotel management and booking platform, RedDoorz in 2019, Igloo has also partnered with the UnionBank of the Philippines in August last year and Philinsure early 2021.