GCash, the mobile wallet of Globe Telecom said it expects to end 2022 with P6 trillion gross transaction value, almost double in 2021.
“We’ve seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” said Martha Sazon, GCash president and chief executive said.
In the first half of the year, GCash breached the P3-trillion GTV, matching its P3.8 trillion full-year GTV of 2021.
Likewise, its user base has grown to 66 million, with four out of five adults in the Philippines having a GCash account.
GCash has also doubled down on its merchant acquisition efforts and partnerships resulting in a merchant and social seller base of 5.2 million, 1.9 times higher than the same quarter of last year. This makes GCash the largest digital ecosystem in the Philippines.
To offer the most touch points for users, GCash has expanded its cash-in and cash-out outlets to 339,000, 5.7 times higher year on year. In addition, its lifestyle portal GLife has 520 merchants and is introducing new categories such as content, health, insurance, and e-government.
With all these developments, GCash continues to be the number one finance app in the country.
“It just goes to show that the Filipinos’ shift to a more digital lifestyle is not limited to those during lockdowns. We continue to see the adoption increasing, and even the everyday use and use case diversity are growing. I think the adoption is here to stay and we’re not seeing it plateauing in the near future,” Sazon said.
GCash is the undisputed leader in Philippine fintech operated by Mynt. It is a financial super app with a full suite of services including cash loans and buy-now-pay-later products. GCash is the lone double unicorn in the Philippines valued at over $2 billion.