With more Filipinos going digital for their daily finance needs, mobile e-wallet Gcash announced on Monday, June 6, that it reached the ₱500-billion mark in gross transaction value in March alone.
The fintech firm gives the milestone credits to its fast-growing customer base as the pandemic provided strong tailwinds to fintech firms. According to them, there are 60 million active GCash users in the Philippines, which is equivalent to 83% of the country’s population. (Read more: GCash Reports Steady Growth, Offers More Financial Services)
Moreover, Sazon noted that GCash Active users are now 5x larger than the next e-wallet and process 19 million transactions from 29 million logins daily. GCash expects to end the year “at positive profitability and even better levels than last year.”
Further, in addition to its massive customer base, the various offerings of GCash, as well as its parent firm, telco giant Globe Telecom Inc, which reached “double unicorn” status in November last year after receiving fresh capital from investors, also helped the company reach the milestone.
Also, its digital lending segment has extended P29 billion worth of credit to qualified users since 2018. GLoan, GCash’s quick cash loan arm, lent out P2.2 billion in loans within its 10-month existence.
“This is a feat that only a handful of fintech companies in the world have been able to achieve,” Sazon said.
The fintech firm has also been working with Igloo, a Singapore-based regional insurtech firm, to launch the first of its kind online shopping insurance protection. The collaboration hopes to provide security to GCash users when they transact using the e-wallet. (Read more: Gcash Crypto Head: Blockchain Can Help Insurance Providers)
The cash-in and cash-out outlets of GCash currently at 232,000. In September last year, GCashmade partnerships with 9 leading brands expanding its network to 60,000 active cash-in doors. The collaboration includes ExpressPay, DA5, Panalo Express, SouthStar Drug, Robinsons Supermarket, Shopwise, The Marketplace, Robinsons Easymart, and No Brand. (Read more: GCash Increases Cash-in Partners)
As previously reported, GCash has also announced its future plan to make cryptocurrency and crypto trading available to its users, especially now that crypto trading is becoming more and more prevalent in the country. (Read more: GCash Will Really Add Crypto, Currently in Talks with Potential Partners)
Recently, Sazon commented after Maya launched its rebranding and digital banking offering that they “don’t believe that having a digital banking license is a silver bullet or magic. It’s not like a signboard that you just turn on and then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services.” (Read more: Maya Responds to GCash’ “Silver Bullet” Comment)
This article is published on BitPinas: GCash Hits P500 Billion Gross Transaction Value in March
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