GCash and CIMB have been aggressively promoting their new digital banking platform they call GSave, with high interest rates (as high as 4% p.a.) to lure in GCash users, especially those they described as unbanked.
But are we Filipinos really ready for digital banking?
Not if there are still glitches in the service by GCash and CIMB. Last weekend, I needed to transfer funds from my GCash account to my bank account at once. I didn’t have have enough funds in my GCash account, thus I needed to withdraw funds from my GSave account. The debit to my CIMB GSave account pushed through, but the credit to my GCash didn’t.
That’s the big problem. People wants to keep some of their funds in regular Savings accounts to cover for their emergency or immediate needs. But if those funds are not available when they need them, it defeats their purpose.
So, to GCash and CIMB, if you want people to embrace this new digital banking revolution, you need to make sure the platform is ready.
I have recently been approved for GCredit, with a credit limit of Php2,000. I thought that GCredit works like a credit card, wherein for as long as you pay for your purchases on or before the due date, you will not be charged any interests and/or penalties.
Apparently, that is not the case. For as soon as you borrow money when you use your GCredit to pay for purchases via QR or paying bills, you are automatically charged 5% pro-rated over 30 days until the day you settle your borrowing with your GCash balance.
For example, if you paid P500 using your GCredit on October 11, and eventually settled that purchase on October 16, that’s 5 days worth of borrowing:
P500 x 5% x (5/30) = P4.16 interest.
For me, I’m allergic to interests (regardless of amount), so unless I’ll have no other choice, I’ll stay away from using GCredit.
Read here for more info, and check out GCredit’s terms and conditions.
Globe’s Gcash and Smart’s PayMaya have both been aggressively marketing their platforms just to stay ahead of the competition. Customers benefit the most with the plethora of discounts, rebates and raffle promos being offered left and right. Fortunately for us consumers, it’s not a question of whether you should get aboard one platform over another. If you ask me, I’d say why not get both?
Let me list down my thoughts and observations in using both mobile payment systems. These are based on my personal experience, thus I’m mum about the features I don’t use. I’ll update this list as developments and/or improvements come to mind: Continue reading