As more Filipinos resort to cashless solutions, GCash, the country’s largest mobile e-wallet provider, is processing about P300 billion in monthly transactions.
As of the end of July, registered users of GCash totaled about 46 million, thanks to the COVID-19 pandemic functioning as a spur for digitization. More than 2.5 million merchants and social sellers have joined the platform.
More crucially, in June, GCash achieved another milestone by reporting positive Earnings Before Interest, Taxes, Depreciation, Amortization (EBITDA) and Net Income After Taxes (NIAT), demonstrating its industry leadership. This demonstrates GCash’s overall solid financial success.
Given the rising reliance of many people on GCash and other online platforms for their varied needs, the company is expected to maintain its incredible success narrative by nearly doubling its gross transaction value objective to over P3 trillion this year from over P1 trillion in 2020.
“We are pleased to see that GCash has become a part of the digital lives of Filipinos. GCash President and CEO Martha Sazon stated, “Our mission is to democratize access to financial services because everyone deserves to have tools to preserve and develop their money, especially in these challenging times.”
GCash has expanded its services beyond payments and money transfers to include savings, loans, insurance, and investing. GSave, a savings account offered in collaboration with CIMB Bank, and GInsure, a life and health insurance policy that covers illnesses such as COVID-19 and Dengue for as little as Php 39 per month, are two examples.
On the GCash app, GCredit is a revolving mobile credit line that may be used to pay for goods and services. At the same time, GInvest provides convenient, cost-effective, and secure access to the products of the country’s most reputable investment firms.
The Bangko Sentral ng Pilipinas recently awarded GCash as a “Outstanding Partner” for its innovative financial solutions. Filipinos, particularly those who are unbanked or underbanked, can use the e-wallet service to get financial access.
GCash is a portfolio company of 917Ventures, the Philippines’ largest corporate venture builder, which is completely owned by Globe.
Source: Globe Newsroom