GCash, the mobile wallet of Globe Telecom, said Wednesday it is now processing around P300 billion in monthly transactions as more Filipinos turned to cashless options.
It said with the COVID-19 pandemic serving as a catalyst for digitalization, registered users reached around 46 million as of end-July. The number of merchants and social sellers also increased to more than 2.5 million.
GCash said it also reached another milestone by achieving positive earnings before interest, taxes, depreciation and amortization and net income after taxes in June. This shows a healthy overall financial performance for GCash, it said.
The company said it was expecting to sustain its remarkable growth story by almost tripling its gross transaction value target to over P3 trillion this year from over P1 trillion in 2020, given the increasing reliance of many people on GCash and other online platforms for their various needs.
“We are glad to see that GCash has become an extension of the Filipino digital life. It is our goal to democratize access to financial services because everyone deserves to have ways to protect and grow their money, especially during these difficult times,” said GCash president and chief executive Martha Sazon.
Aside from payments and money transfers, GCash expanded its services to include savings, loans, insurance and investment. These include GSave, a savings account in partnership with CIMB Bank, and GInsure, which offers a variety of life & health insurance products that covers illnesses such as COVID-19 and Dengue for as low as P39 a month.
GCredit is a revolving mobile credit line on the GCash app that can be used to pay for goods and services. GInvest allows hassle-free, affordable and secure access to the products of the country’s most trusted investment companies.
GCash was recently named as “outstanding partner” by the Bangko Sentral ng Pilipinas for its innovative financial solutions. The e-wallet service provides financial access to Filipinos, especially the unbanked and underbanked segments.
GCash is one of the portfolio companies under 917Ventures, the largest corporate venture builder in the Philippines wholly-owned by Globe Telecom Inc.