Singapore-based insurtech firm Igloo has clinched the deal to underwrite GCash users when they transact using the e-wallet.

Already, fraudsters have targeted 44 percent of digital consumers as of end-March 2021.

Specifically, fraudsters targeted 44 percent of Gen Z and 39 percent of Millennials.

"With many GCash customers belonging to this bracket, Igloo’s protection is not only timely but very relevant to GCash customers’ needs,” Mario Berta, Igloo Philippines country manager said.

This year, GCash is on track to hit P3 trillion in full-year gross transaction value, three times more than its 2020 performance, as more Filipinos shift their purchases online in the pandemic.

To date, the e-wallet processes an average of P300 billion in monthly transactions. And its online business continues to surge.

The GCash app registers over 13 million log-ins per day, peaking at almost 15 million in the second quarter.

Over 70 percent of Southeast Asia's population are online. Last year, the region saw 40 million new users join the internet.

In a recent survey, the Philippines alone hauled 37 percent new digital service users due to the COVID-19 pandemic.

The bulk, 97 percent, of these new digital consumers will continue to use digital services going forward, according to the survey.

For this reason, GCash wants to ensure the safety of its 46 million users when they shop online.

“This comes at an unprecedented time when we see robust growth in our online transactions and user base," Martha Sazon, GCash president and chief executive officer said.

"With the growing number of digital consumers in the country, it"s most important to provide flexible solutions for the changing needs and processes of both businesses and customers," Berta said.

Igloo’s Online Shopping product is part of its Cyber Protection vertical, securing financial loss arising directly from any online marketplace fraud.

It will protect users when they purchase from online marketplaces such as Lazada, Shopee, Viber and Facebook, for as long as their payment was fulfilled via the GCash platform.

After launching its Online Shopping protection with GCash, Igloo plans to rollout more products tailored for MSMEs in the next six months.

MSMEs account for 90 percent of the businesses in the Philippines and the entire ecosystem of both seller-business owner-and-buyer should be secured, Igloo stressed.

The insurtech firm broke into the domestic market in 2019, collaborating with Southeast Asia’s largest hotel management and booking platform, RedDoorz.

Igloo has also partnered with the UnionBank of the Philippines in 2020 and with Philinsure early this year.

Its insurance partner base includes Mercantile, Pioneer, PGA-Sompo Insurance Corp., and United Coconut Planters Life Assurance Corp.