Bicol University

COLLEGE OF ENGINEERING
LEGAZPI CITY
AY 2023 – 2024

TECHNOPRENEURSHIP

CASE STUDY &

INTRODUCTION OF INNOVATIVE
PRODUCT/SERVICE

NOEL, KYLE JOEY N.

BSCE – 3C
A. CASE STUDY

Title: GCash: Improving Financial Services Accessibility for Filipinos

I. Introduction

Over the years, financial transactions have progressively shifted from using cash to cards and
now to digital methods, notably through platforms like GCash. The prevalence of cashless
payments in the Philippines may not match that of developed countries, yet there has been a
significant uptake among Filipinos in recent times, spurred largely by the impacts of the ongoing
crisis. This period has notably influenced Generation X's inclination towards adopting GCash as
their preferred mode of payment, a trend that gained momentum amidst the pandemic. The
necessity for and popularity of cashless methods have surged, highlighting the benefits of mobile
wallets. These wallets offer enhanced security and convenience by providing a wide range of
payment options readily accessible to users.

The numerous entering participants in the mobile wallet sector has opened up a wide
range of options for consumers, as each company brings its own unique set of services to the
table. Every mobile wallet aims to deliver convenience to users, albeit through different
assortments of product features within their platforms. GCash, for instance, offers an extensive
payment solution that allows users to settle bills, purchase mobile load, buy products and
services, and make direct payments to online retailers, among other functions. Similarly, other
mobile wallet providers offer comparable services, potentially persuading consumers to consider
switching to an alternative provider that better meets their needs.

GCash has been instrumental in sustaining the Philippine economy throughout the
COVID-19 pandemic by facilitating digital financial transactions. Experiencing substantial
growth, GCash reported over 33 million users by the year 2020 and has broadened its financial
services to include options like lending and digital savings accounts. Through a partnership with
Alibaba Cloud, GCash has been able to dynamically expand its infrastructure to accommodate a
rapidly increasing user base. This expansion enabled GCash to serve as a crucial support system
for Filipinos during the pandemic, with transactions surpassing 1 trillion pesos in 2020.
Furthermore, GCash contributes to the Philippines' objective of enhancing digital payments and
broadening financial inclusion among its population.
II. Background

A small family-owned store located in the neighborhood in Albay. Before integrating

GCash, the store primarily accepted cash payments, limiting customers who preferred digital
payment methods. The owner recognized the growing trend towards digital payments and
decided to adopt GCash to accommodate this shift and to improve the store's overall efficiency
and customer service.

The store partnered with GCash to become a merchant partner, which involved setting up
a GCash QR code for easy payments and training with the GCash team to understand the system.
The store also advertised the new payment method through signs and social media to inform the
community.

The convenience of QR code payments attracted more customers, including those who
preferred not to carry cash. With more transactions being digital, the store experienced easier
cash management, reduced errors in cash handling, and minimized the risk of theft.

The store used GCash's GSave feature to start saving profits online, earning interest. It
also used GCredit for short-term financing to restock popular products without waiting for sales
to generate cash. By offering cash-in and cash-out services, the store became a community hub
for GCash transactions, enhancing its reputation and customer loyalty.

After a year, the family-owned store became a model in the neighborhood for
successfully integrating digital payments. The store not only increased its profitability and
efficiency but also played a significant role in promoting financial inclusion among its
customers.

III. Benefits Observed

 The use of GCASH facilitates quick and easy money transfers, allowing local businesses
and individuals to send and receive payments efficiently. This can be particularly
beneficial for local suppliers and service providers, streamlining transactions and
improving cash flow.
  It enables local stores to accept digital payments, reducing the need for physical cash
handling. This convenience attracts customers who prefer cashless transactions,
potentially increasing sales.
 By allowing people to open an account with minimal requirements, GCASH makes
financial services accessible to individuals who may not have access to traditional
banking. This inclusion supports the local economy by enabling more people to
participate in the financial system.
 Local stores can use GCASH to pay utility bills, buy mobile load, and more, without the
need to visit physical payment centers. This saves time and resources, allowing business
owners to focus on their operations.
 With more efficient financial transactions and increased financial inclusion, local
communities can experience a boost in economic activity. As more people and businesses
use GCASH, the velocity of money within the community increases, supporting local
growth and development.
 GCASH is an important factor in transforming the financial landscape for local stores and
communities in the Philippines by making transactions more convenient, fostering
financial inclusion, and supporting the local economy.

IV. Conclusion

GCash is particularly important in enhancing financial inclusion among Filipinos,

especially in rural or underserved areas where traditional banking facilities might be limited or
non-existent. By providing an easy-to-use platform for financial transactions, GCash enables
more people to access financial services such as savings, loans, and insurance. It offers
unparalleled convenience in conducting various transactions. Residents can pay bills, buy
prepaid load, send and receive money, and make purchases both online and in physical stores
without the need for cash or visiting a bank.

The service provides access to a range of digital financial services, including micro-loans,
insurance products, and investment opportunities, which were previously inaccessible to a large
segment of the population. This access can help individuals and businesses in local communities
to better manage their finances, save for the future, and invest in growth opportunities. It also
facilitates access to government assistance and social services payments, making it easier for
beneficiaries in local communities to receive support directly and securely.

In conclusion, GCash plays an enormous part in closing the financial gap that exists in
small communities all around the Philippines by offering a safe, practical, and open platform for
managing finances. This, in turn, promotes local economic development, financial resilience, and
community well-being.

B. INTRODUCTION OF INNOVATIVE PRODUCT/SERVICE

Name: EngiMarket Supplies & Trade Hub

A place virtually and in a physical space that serves as a dynamic convergence point for
students, professionals, and enthusiasts within the engineering community. The platform is
meticulously designed to cater to the specific requirements of the engineering discipline, offering
a comprehensive selection of high-quality tools, materials, and educational resources. As the
name suggests, it is not merely a market, but also a trade hub, where you can trade your
engineering items that you don’t use to a new item that will satisfy your needs. EngiMarket
Supplies & Trade Hub fosters a vibrant community of like-minded individuals passionate about
engineering. Members can share insights, exchange ideas, and offer advice, enriching the
shopping experience with a wealth of knowledge and support. Its user-friendly interface ensures
easy navigation through our extensive product listings, while secure payment options and
reliable delivery services guarantee a hassle-free transaction from start to finish. The
convenience of having all your engineering supplies just a click away, combined with the
invaluable opportunity to connect with peers from around the globe. This platform is more than a
marketplace—it's a community hub where trade meets innovation.