Filipino E-wallet GCash Reached 66 Million Users in June 2022
by Fintech News Philippines August 15, 2022Philippines’ mobile wallet GCash has reached 66 million registered users as of June 2022 according to President and CEO Martha Sazon during the Mobile 360 Asia Pacific Fintech Summit held in Singapore.
During the summit, Martha shared how collaborations with banks and other fintech providers have helped GCash maintain a strong growth momentum amid the pandemic which has enabled it to add six million users from the first quarter to 66 million at the end of the second quarter of 2022.
Martha Sazon
“We’re not a digital bank. We are an e-wallet. But what’s good about that is we’re able to partner with any bank and any financial institution.
This is a conscious thought that we make because we know that financial inclusion is a complex, difficult journey. So, we choose to collaborate rather than compete,”
Sazon said.
With this in mind, GCash has partnered with financial institutions such as BPI, ATRAM and CIMB, as well as various government agencies, insurance, and fintech companies to address the population’s need for more accessible financial services.
GCash also teamed up with Ant Group Financial, allowing the app to access global platforms and capabilities, enabling the e-wallet to scale up rapidly and ensure user security.
It also became a key partner of the Philippines government for its Social Amelioration Program (SAP) which was distributed via the GCash app with over PHP16 billion in aid received by more than 2 million beneficiaries.
Moreover, GCash also empowers micro, small, and medium enterprises (MSMEs) by partnering with different insurance providers to offer digital business solutions such as business insurance products. More similar services will soon be launched on the GCash app.
As financial inclusion is the core of its business, Sazon also said that GCash continuously democratises financial services by adding strategic collaborators to help innovate its products such as Send Money, Pay Bills, Cash-in, Cash-out, GInsure, GLoan, GInvest, GGives, GCredit.
