I just spread it on toast!
Guava turnovers!!! Add a little mascarpone cheese on the inside before you bake them!!
We also call these Pastelitos. Various companies add food coloring to their paste, while others rely on the natural guava color.
It's good with cheeses (Manchego, cheddar, etc.) like Spanish membrillo (quince paste.) Also delicious on toast spread with cream cheese.
Lovely, unfortunately many places use a very poor quality guava paste, which is radiant red. Manchego and Chedder are excellent pairings. Usually bakeries use a subpar cream cheese and a hydrogenated dough. Your recommendation are great, and the comparison to quince is spot on.
I serve it with cheese and crackers, it has a firm texture that makes it amenable to slicing thin.
I have made these several times, they are VERY good: