Digital wallet GCash expects to end the year with more than P3.5 trillion in gross value transactions as digital payment adoption among Filipinos continues to rise despite the reopening of the economy, a top executive said Wednesday.
“With more frequent transactions as of today, we have already breached the initial GVT projection of P3 trillion. We are tracking to end 2021 with over P3.5 trillion GVT,” GCash president and chief executive Martha Sazon said.
“We think that digital adoption has reached the tipping point already where the convenience of GCash products will continue to contribute towards its relevance,” she said.
GCash has more than 51 million users with 13 million daily transactions. “We don’t see any slowdown even as the economy opens up because the adoption has been so really massive,” Sazon said.
She said that GCash also posted four straight months of net income after tax.
Mynt, the operator of GCash, earlier became the country’s first unicorn or privately-held startup company with a value of over $1 billion, after it raised more than $300 million in its latest funding round.
The investment round, which brought Mynt’s value to over $2 billion, was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners and Bow Wave Capital, one of Mynt’s current investors.
The round also included the participation of Itai Tsiddon and Amplo Ventures and capital from Globe Telecom and Ayala Corp.
The transaction solidified Mynt’s status as the Philippines’ only unicorn and as one of the leading fintech companies in Southeast Asia.