GCash, a leading mobile wallet provider in the Philippines, reports steady growth as it saw a significant rise in its number of users from 20 million in January 2020 to 46 million in June 2021, according to a release.
The GCash app also had more than 13 million daily log-ins, peaking at nearly 15 million during Q2 2021. As noted in the announcement, GCash has been providing financial services to millions of Filipinos during the COVID-19 crisis, as local users were able to carry out digital transactions nationwide in a seamless manner.
In 2021, GCash handled around PHP 300 billion in monthly transaction volume, and is currently on track to reach the PHP 3 trillion Gross Transaction Value (GTV) target. The Fintech firm maintains a wide network of over 2.5 million merchant partners and social sellers through its QR and P2P features, allowing the app to serve various stakeholders in the Southeast Asian country.
As one out of every 3 or over 30% of Filipinos are currently using the app, GCash is now planning to onboard more users, so that more people can access modern financial services.
As mentioned in the update, GCash has been working cooperatively with the Philippine government and helped those impacted by the Coronavirus outbreak. The Fintech helped with disbursing more than P16 billion to over 2 million Filipinos. GCash was also able to raise more than P40 million in donations through digital bayanihan or resource mobilization, assisting around 3 million Filipinos affected by typhoons and other issues.
Martha Sazon, President and CEO of GCash, stated:
“We are honored to be part of the top brands in the Philippines and in Asia. This award further inspires us to continue with our mission to empower as many Filipinos as possible by giving them access to digital financial solutions that can make their lives better and more convenient especially during this pandemic.”
As previously reported, GCash offers consumers with an accessible and secure cashless payment platform, as well as digital products and services such as free money transfers from user to user, easy bank transfers, and bills payments.
The mobile wallet Fintech also provides businesses, including MSMEs, a contactless way to accept payments for goods via QR codes and its P2P platform, which has “empowered over 2.5 million GCash merchants and social sellers.”