GCash Surpasses PHP 500 Billion in Gross Transaction Value

GCash Surpasses PHP 500 Billion in Gross Transaction Value

by June 6, 2022

Philippines’ mobile wallet GCash announced that it had surpassed PHP 500 billion in Gross Transaction Value (GTV) in March 2022.

GCash said that it has daily logins and transactions of up to 29 million and 19 million respectively.

To date, eighty three percent of the Philippine adult population, or 60 million Filipinos, already have a GCash account.

GSave savings account now has 5.3 million depositors while its investment marketplace, GInvest, has 3 million registered users representing 77% of the Unit Investment Trust Fund (UITF) accounts in the Philippines.

GCredit, the e-wallet’s first foray into digital lending, has already provided PHP 29 billion worth of credit lines to qualified users since its launch in 2018, while its quick cash loans platform, GLoan, has disbursed PHP 2.2 billion worth of loans in just ten months of operations.

GGives, its buy now, pay later (BNPL) offering, has disbursed PHP 130 million in partnership with 85,000 merchants since it was introduced in December 2021.

Martha Sazon Gcash

Martha Sazon

“Across the financial services landscape, we partnered with and are trusted by the most innovative and biggest market players, from savings, investment, insurance to lending, as we change the game and democratise financial access to Filipinos.

 

Our goal is to let people know that these services are not just for the privileged but for everyone,”

said Martha Sazon, President and CEO of GCash.

The company scaled up merchant acquisitions and partnerships to widen its robust digital ecosystem. Its merchant and social seller base has grown to 5 million, 2.7 times larger than the first quarter of last year.

Additionally, GCash expanded its cash in and cash out outlets to 232,000, 5.5X higher year on year to offer more touchpoints for the users.

It has also onboarded more than 420 GLife merchants from its expansion into new categories like content, health, insurance, and e-government.

GCash said that it expects to end the year at positive profitability and even better levels than last year.