Skip to main content

GCash is ‘trailblazer’ of PH digital adoption

 

1 in 3 Filipinos is on GCash

 

Mobile wallet leader GCash continues to boost the financial inclusion efforts of the Bangko Sentral ng Pilipinas (BSP), onboarding more Filipinos into the financial system as digital transactions become an indispensable part of the lives of consumers due to mobility and travel restrictions.


GCash has grown its registered base to over 33 million as of last year or 65 percent higher compared to the 20 million users in end-2019, showing that almost one in three Filipinos now has a GCash account.



Martha Sazon, CEO of Mynt which operates GCash, said the company has emerged as the “trailblazer” of Philippine digital adoption.  “GCash continues to empower more Filipinos with digital financial tools and services, allowing for safe and convenient transactions amidst the various levels of quarantines,” Sazon added.

 

Filipino consumers have adjusted to the new normal by adopting, among others, fintech services to make their financial lifestyles more convenient and to keep themselves safe against COVID-19.

 

Being the preferred mobile wallet in the Philippines, GCash exceeded its targets last year with transaction value hitting over P1 trillion, peaking at a P7.5 billion daily gross transaction value, and with more than 6 million transactions in a day.  Transactions include cash-ins, payments, banking, and money transfer, among others.

 

BSP Governor Benjamin Diokno has committed to transform the Philippines into a cash-lite from a cash-heavy economy by converting 50 percent of the total retail transactions in terms of both value and volume to digital channels by 2023. The BSP also aims to convert the country into a coinless society by 2025 and to double the percentage of Filipino adults with bank accounts to 70 percent by 2023.

 

Based on App Annie surveys, GCash emerged as the number one finance app in the country, ahead of global social media and entertainment apps, like Spotify, Viber and TikTok, among others. 

 

Various social media posts as of late also showcase the increasing adoption of GCash, even for fishermen selling the day’s catch and accepting GCash as payment. “This is a true picture of how GCash is moving towards our vision of finance for all.  We have come a long way,” Sazon said.

 

Last January, GCash attracted $175 million in fresh capital investment from Bow Wave Capital Management to further spur the growth of financial inclusion and the digitization of payments and financial services in the Philippines.

 

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

 

To know more about GCash, visit https://www.gcash.com/

Comments

Post a Comment

Check out more...

Enjoy up to 29% OFF on select realme smartphones this 6.6. TikTok Birthday Sale

Don’t miss out on BIG discounts as realme celebrates TikTok 6.6 Birthday Sale! It’s finally TikTok’s 6.6 Birthday Sale and realme Philippines goes all-in to celebrate with whopping discount offerings from June 1-8 only.  Mark your calendars and get up to 29% OFF on select realme  smartphones and up to 40%  on select realme AIoT products. On top of this, the Squad is also in for a treat since they can take home exciting freebies all-week long!  From June 1-8, every purchase of the real me  C35 (4GB+128GB)  comes with a FREE TechLife Buds Classic, while anybody who will avail the  realme C33 (4GB+64GB)  will get a C-Series Tempered Glass as a freebie. To make things even more thrilling, the first few customers to buy a realme 10 Pro+ 5G (12GB+256GB) from  June 4-8  will get their very own realme Watch 3 for FREE . Additionally, everyone will also get a FREE TechLife Power Bank 100000mAh for each purchase of realme 10 (8GB+128GB), realme 10...
Post a Comment
Read more

DICT, GeeksPH bolsters PH startup scene with 6th Geeks on a Beach in Panglao

The Department of Information and Communications Technology (DICT) and GeeksPH announced the revival of Geeks on a Beach (GOAB) after a four-year break and is set to happen in Panglao, Bohol on November 23-24, during the Philippine Startup Week 2023. The two-day international conference, known for leveraging Philippine tourism and ICT Industry expertise, will gather hundreds of entrepreneurs, investors, innovators, and globally-acclaimed startup ecosystem players to showcase the country’s startup achievements in both local and international scenes. GOAB 2023 will offer plenary sessions exploring potential investment opportunities and breakout sessions that will focus on sector-specific topics like Fintech, EduTech, HealthTech, AgriTech, and ClimateTech and other category-specific themes centered around youth and women. The event will also feature emerging technologies discussion, pitching fest, business matching, investors’ roundtable, and exhibits from various stakeholders. To cap off...
Post a Comment
Read more

Book Your Flights with Cebu Pacific and Seize Sulit Hotel Deals

Cebu Pacific (PSE: CEB), the Philippines’ leading airline,  is giving  every Juan  more reasons to seize the moment and  book their flights now  as it partners with  several hotels   offering   sulit   and   exclusive discounts  for that one unforgettable vacation. Book your flights across Cebu Pacific’s widest domestic network  and get  these  exciting deals  from the following hotel partners * : Club Paradise Palawan •  10% off on seafood bucket •  30% off on couple’s massage at Glow Spa •  10% savings on other treatment and services Discovery Shores Boracay •  16% off on dining offers;  Tomohawk  Steak at Forno Osteria Modern Filipino Boodle Fight  •  16% off on spa treatments: Terra for Two (180 mins); Terra’s Journey (180 mins) Discovery Samal •  Up to 40% off in The Bar - Junior Suite, Executive  Villa  and Villa  rooms o  Includes breakfast f...
Post a Comment
Read more

Enjoy an all-in-one Unli Internet plan at home with PLDT Home

What  better way to  enjoy everything at home  with a broadband plan that  gives   you an  all-in-one unlimited  access to  the  internet,  Pay  TV, and  mobile services .    The new  PLDT Home  Fiber  Unli  All plan  offer s  the best value for money  with a bundled package that comes with unlimited fiber internet,  unlimited entertainment content from Cignal TV, and unlimited calls to PLDT, Smar t a nd TNT.    Here’s a quick breakdown of the new Fiber  Unli  All plans available and their internet speeds: Whether you   want to stream your favorite videos, TV series, and movies ,  the  new Fiber  Unli  All plans deliver what  the whole family wants  with the fast broadband internet and a wide range of  entertainment  options on premium  Pay  TV.  With the Philippines’ largest  Pay  TV provi...
Post a Comment
Read more

#Gcash users can now go cashless on their next Euro trip thanks to Alipay+ partnership

GCash users can now opt for a hassle-free, cashless payment method on their next Euro trip as the Philippines’ leading mobile wallet is now accepted in Europe’s top travel destinations, including the United Kingdom, France, Germany, and Italy. This cross-border payment service is part of the e-wallet’s strengthened collaboration and partnership with Alipay+ to offer a seamless and secure payment experience, as well as real-time foreign exchange (forex) with no service fee, allowing customers to a hassle-free and rewarding travel experience abroad. Among the key merchants and stores that can accept GCash via Alipay+ are Harrods, Liberty London, and Harvey Nichols in the UK; Printemps in France; Müller and dm-drogerie markt in Germany; as well as itTaxi, and IVS Group, the leader in the vending machines market, in Italy. “In line with our fervent commitment to make our customers’ everyday lives better and more convenient, we want to make sure that they can maximize their GCash account no...
Post a Comment
Read more