GCash, the mobile wallet of Globe Telecom on Tuesday said it recorded a strong growth in the second quarter, adding six million users to 66 million at end-June.
Martha Sazon, GCash president and chief executive said its partnerships with banks and other fintech providers have helped the company to maintain a “strong growth” momentum amid the pandemic.
“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,” Sazon said.
“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,” she added.
With this in mind, GCash has partnered with the most innovative and the biggest 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 and best-in-class platforms and capabilities and enabling GCash to scale up rapidly and ensure user security.
Driven by its goal to deliver fast, safe, and convenient digital products and services to the masses, most especially the millions of unbanked Filipinos at the height of the pandemic, GCash became a key partner of the government for the Department of Social Welfare’s Social Amelioration Program (SAP) which was disbursed via the GCash app with over P16 billion received by more than 2 million recipients.
Moreover, GCash also empowers micro, small, and medium enterprises (MSMEs) by partnering with different insurance providers to offer convenient 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 democratizes financial services by adding strategic collaborators to help innovate its game-changing products such as Send Money, Pay Bills, Cash-in, Cash-out, GInsure, GLoan, GInvest, GGives, GCredit. This has enabled them to deliver solutions that meet every Filipino’s needs and demands.
“The people that we need to include are the masses. We are talking about riders, tricycle drivers, sari-sari stores, and even market store vendors. This is very important because these are the very people who comprise our MSME industry,” Sazon said.