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.
