E-Wallet GCash Records 66 Million Users

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GCash President and Chief Executive Officer (CEO) Martha Sazon announced that the e-wallet giant already has 66 million registered users as of the second quarter of 2022, a six-million gain from its first quarter report of 60 million registered users.

“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,” said Sazon. “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.”

It can be remembered that GCash is actively pursuing partnerships with various government agencies, banks, and insurance and fintech companies.

That the e-wallet has already gained partnerships with entities like the Bank of the Philippine Islands (BPI), ATRAM Trust Corporation, and CIMB Bank.

GCash was also the partner of the Department of Social Welfare and Development (DSWD) in giving the agency’s Social Amelioration Program (SAP) to over 2 million recipients during the pandemic’s series of lockdown.

Last June, it reported that it reached the ₱500-billion mark in gross transaction value in March alone.

The e-wallet is also working with Igloo, a Singapore-based regional insurtech firm, to launch the first of its kind online shopping insurance protection.

Meanwhile, GCash also already put a crypto tab on its application, two months after Sazon stressed that they are not bothered over competitor Maya’s launch of digital bank and crypto trading services.

“GCash will enter crypto soon. With GCrypto, our aim is to grow the crypto and Web3 ecosystem through products, partnerships, and market education,” said Neil Trinidad, GCash’s Vice President and Head of InsureTech and Crypto.

Aside from crypto, GCash also offers products such as Send Money, Pay Bills, Cash-in, Cash-out, GInsure, GLoan, GInvest, GGives, and GCredit.

“The people 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 concluded.

During the media and partner launching of the World Fintech Festival-Philippines / Philippine Fintech Festival and the Monetary Authority of Singapore’s (MAS) SME Financial Empowerment Programme, Maria Yolanda Crisanto of GCash reported that the e-wallet giant has 5.2 million MSMEs across the platform.

This article is published on BitPinas: E-Wallet GCash Records 66 Million Users

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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