The Wonderful World of GCash beep MasterCard

I’ve lived my previous life – the corporate life – filled with credit cards. Unfortunately for a guy who’s lived most of his life under the financial tutelage of his parents and, thirty years later, his wife, managing credit card debt ultimately became an ongoing struggle and ultimately, a disaster.

Enter debit cards that can act as a credit card.

Since 2006, I’ve been using my debit cards as my credit card – to buy over-the-counter or online. The only difference is the entire amount is deducted from your savings or checking account of the debit card. It’s like an ATM transaction without going to the ATM, and an alternative to an ATM transaction without the need to enter your 4- or 6-digit PIN in front of the cashier.

In fact, I’ve used my debit cards in the United States, from your typical restaurant transaction to going to a Wells Fargo ATM machine and getting cash. I learned from this experience that my daily limit was $400. Not bad.

Here’s something else that I realize I could do with my debit card – I can deposit just enough should I need to transaction online. I know many of you fear that unshakable feeling of identity theft or online scams which stops you from the convenience of buying online. You’d rather just spend money traveling to the place to buy your thing, waste your precious time and even push the limits of your patience in crowded malls and stores. So, instead of doing that, I deposit just enough for the online transaction and leave nickels and dimes that digital thieves can party on. LOL!

But the biggest benefit to me is not having to add and manage credit card debt and not having to spend more than I should. My good friend and personal finance guru Randell Tiongson has told on and on never to spend beyond my means. If that’s the case, then cut your ties with your credit cards and start using debit cards with credit card logos like Visa and MasterCard.

Enter the GCash beep MasterCard.

All of the above I’ve mentioned plus you can use it at the MRT and LRT in Metro Manila. Woot! GCash beep MasterCard is the first value-added card to be beep ready. Since the start of September 2015, GCash started selling GCash beep MasterCard in parallel with the expansion of the tap payment facilities in various MRT/LRT stations. beep is the authorized reloadable electronic payment under the unified LRT/MRT ticket system which started full implementation on October last year. It is operated by AF Payments Incorporated primarily owned by Ayala Corporation and Metro Pacific Investments Corporation.

Last December, I used my GCash beep MasterCard at a Christmas bazaar in One Esplanade, SM Central Business Park, Seaside corner Bay Boulevard, Pasay City. Something unusual about this bazaar was that most of the booths and sellers were credit-card ready, some even being GCash ready. For the latter type of sellers, it was like an ATM transaction where I just had to enter my 4-digit PIN while the former was your everyday, normal credit card transaction.

I’m sure you know what Lazada is. I even have its smartphone app installed in my Kata M2L LTE Android phone. Well, starting April last year, GCASH can be used as a mode of payment in Lazada’s eCommerce website through an open integrated mWallet platform. Through mWallet, Globe customers no longer need to own a credit card or even have a bank account to engage in eCommerce. Instead, they can turn their mobile phone into a virtual wallet to shop at the speed of a text message. Lazada has over 15,000 merchants, and 1.4 million active customers and is currently valued at US$1.2 billion with US$700 million of investment funding. It has an online footprint of approximately 4 million daily visits to its websites and the largest Facebook following in Southeast Asia with over 12 million fans.

Here’s another one – you can now fund your or anyone else’s GCash account at any 7-Eleven store as well as enjoy speed, ease, and safety when it comes to money transfer services. Together with 7-Eleven, cash-in transactions definitely becomes convenient.

And my GCash beep MasterCard is connected to Globe prepaid phone. I can shuffle funds between prepaid load and my GCash account. I can send funds to another GCash account (like paying my friend the P10,000 I owed him). I can either go to an authorized outlet like Globe stores and deposit cash in my GCash account or simply buy prepaid cards to load into my Globe prepaid account and transfer that amount to my GCash account. I can even go online and check on my balance and transaction histories; or download the GCash smartphone app and do the same thing minus a laptop or desktop browser. And some these features need not be constrained in the Philippines because it’s a MasterCard, right?

To get a GCash Mastercard, simply visit a GCash Mastercard caravan nationwide, get a GCash account, activate the GCash Mastercard account by linking it to a user’s Globe/TM number, and fund the GCash wallet via GCash outlets, Bancnet ATMs, GCash app, or online bank transfer. Users can also apply for a card online which they can pick up at select Globe stores. To know more, visit www.GetGCashMC.com.

For further information, visit www.globe.com.ph/gcash.

Source: Globe Telecom press releases

Photos from @raffypekson and Globe Telecom.

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