GCASH

Fintech platform Maya, which used to be known as PayMaya, said it is confident that its rebranding and the addition of digital banking in its list of services will boost the app and eventually put it at par, if not surpass, its main rival GCash.

Meanwhile, Globe’s finance app GCash said it remains unfazed over its closest competitor Maya’s move to offer digital banking and cryptocurrency trading, saying a digital banking license is a silver bullet or magic for fintech business success.

GCash said it is working with the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) in its crackdown against fraudsters to fight online scam.

The amount came from 46,000 transactions that were recorded using the GCash app for payments for various InLife insurance products.

GCash said it worked closely with the NBI to arrest a gang that sold scam pages, including an imitation of the GCash webpage to dupe users via phishing to get sensitive data.

GGives also allows qualified users to pay for big-ticket items as much as P25,000 on installments for as long as 12 months.

PayMaya also said an added layer of security to the app is its real-time transaction history feature that enables users to track their transactions as it happens.

The Philippine Stock Index Fund and ALFM Global Multi-Asset Income Fund is available via GInvest, which is one of the most popular features of GCash.

While admitting it “may not be the no. 1 e-wallet right now”, PayMaya said its “superior features” make it better than its main rival GCash.

The central bank said using digital money as an alternative means of giving cash gifts is highly recommended to reduce physical contact and virus transmission between giver and receiver.