GCash officially launched GCash Jr.
GCASH — The fintech company officially launched a new version of its digital wallet designed for minors aged 7 to 17.
The currect version of the digital wallet is only available for users aged 18 years old and above.
With GCash Jr., the new version of the digital wallet is now available for users aged 7 to 17 years old. With this, minors aged 7 to 17 are allowed to access digital financial services and promos through the said version.
The company aims to let minors learn how to be financially responsible and aware at an early age while giving them access to features such as online payments and Pay QR, buying load, and GLife.
Yugatech reported that GCash Jr have a limit of PHP 50,000 and also have a PHP 10,000 limit for daily outgoing and incoming transactions.
READ ALSO: GCash To Offer Cryptocurrency Products, Pet Insurance For Cats
Based on the report, GCash Jr follows a stringent “KYC (Know-your-customer)” process as minors aged 7 to 17 need to submit a photo of their birth certificate and a photo of any of the following identification cards:
- Passport
- National ID
- Student ID
The parents of minor users will be required to input their fully verified account for reference and will also be asked to take a selfie with the identification card submitted by their child.
upon submission of all the requirements, GCash Jr. users will receive an SMS confirmation as fully verified users.
Meanwhile, the Ayala-led fintech company revealed that it was working on its new services — including cryptocurrency products.
According to GCash Head of New Business Neil Trinidad, the company saw that there’s a lot of interest in crypto as more than 50% consider buying cryptocurrencies.
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