GCash records P100B in transaction value

GCash, the undisputed leader and preferred mobile wallet in the Philippines, has breached P100-billion in terms of transaction volume during the first seven months of 2020. The mobile wallet is empowering millions of Filipinos with digital financial tools and services that help them adapt to the new normal.

The volume is an impressive 280-percent surge from the same period in 2019, when GCash transactions reached P28 billion.

The growth is driven by the increase in usage across all services that have become necessities during the pandemic. These include buying or airtime load, remittance, money transfer, bills payment, QR payments, online transactions, cash-in, and disbursements.

We at GCash take pride in providing best-in-class digital financial services to millions of Filipinos, who are now quickly adapting into the new normal. This remarkable growth is a reflection that GCash is a formidable and reliable ally of the Filipino people in the collective fight against COVID-19,” GCash President Martha Sazon said.

GCash has been steadfast in promoting cashless transactions since day one. From a simple mobile wallet service, GCash has grown to be an everyday financial app that Filipinos have come to love, as it not only offers greater convenience for various daily tasks, it also provides better transparency and security.

The Philippines is in the midst of a cashless revolution, which is thrust upon us more swiftly by the pandemic. We at GCash continue to innovate and provide relevant financial services that will help Filipinos to do more with less by using their mobile phones,” Sazon said.

GCash offers a variety of financial tools and services that enable Filipinos to transact digitally and physically. GCash users may use their e-wallets to transact with over 75,000 merchants, pay bills to more than 400 billers, and transfer money to over 40 banks in the Philippines.

Aside from this, GCash also empowers its users to own a savings account through its Save Money feature, which offers the highest-in-the industry interest rates; avail of a flexible and reasonably-priced credit line through GCredit; purchase affordable insurance the products through GCash Insurance; and invest money in money market funds through GInvest.

These services complement the on-going campaign of the government to migrate cash-based transactions into cashless, as health protocols on physical distancing and limited human interaction continue to be in place.

GCash has also helped disburse financial aid to more than a million beneficiaries of the various social amelioration programs of the national and local governments.

GCash has become a huge part of the daily lives of many of our users. We hope that as we continue to develop more services, we would also be able to reach more Filipinos, especially those in the grassroots,” Sazon said.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

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