Mobile wallet giant GCash on Tuesday said it expects to double its gross transaction value target to over P2 trillion this year from P1 trillion in 2020 as more consumers embrace cashless transactions amid the pandemic.
Ernest L. Cu, Globe president and chief executive said that more consumers are now using the GCash platform due to strict mobility and quarantine restrictions caused by the global health crisis.
“I believe the number that we are targeting in gross transaction value is over P2 trillion this year. We crossed P1 trillion in 2020 and we hope that the value keeps going up because that means people are really transacting over our platform,” Cu said.
Driven by the heightened need for cashless solutions, GCash users have now reached 40 million accounts as of end-April, giving them access to other financial services such as investments, insurance and savings via the mobile app. The platform has over 1.6 million merchants and social sellers to date.
“One of the things that we are proud of is that we’ve even surpassed active users of international apps like Spotify and Viber, and I think we’ve also surpassed Instagram,” Cu added.
GCash is also among the top e-commerce apps in the Philippines along with leading shopping platforms Lazada and Shopee. It is the top financial app in the country.
“GCash has become an extension of the Filipino digital life. It has become ubiquitous with the needs that have arisen during the pandemic,” Cu said.
The e-wallet has expanded its services to provide safe, secure, and accessible options to customers. GSave, a savings account in partnership with CIMB Bank, has over 3 million active accounts. GInsure has sold over 250,000 insurance policies which include Dengue, Covid-19, and income protection coverage.
“In GCash, we pride ourselves in promoting nationwide financial inclusion, true to our goal of Finance for All. Apart from the financial services GCash offers, it also helps customers increase their credit score,” Cu said.
Martha Sazon, Mynt president and chief executive , on the other hand added that the shift to digital opens up opportunities for businesses to introduce innovation that brings better value for consumers.
“Filipinos deserve to have more ways to protect and grow their money, especially during these difficult times that we are in. At GCash, everyday we strive towards financial inclusion and freedom for all,” she said.
GCash has already penetrated previously unserved market segments such as fisherfolks, tricycle drivers and palengke vendors. It also helped distribute P16 billion to more than 2 million beneficiaries under the government’s Social Amelioration Program (SAP).
“These are the big wins that we celebrate as we move closer to financial freedom for all. We thank our users for the trust that they have given us and we’ve stayed committed to serving their needs as we strive to make more Filipino lives better,” Sazon concluded.