Financial technology platform GCash said Tuesday it has achieved a milestone after it cornered a significant portion of the country’s adult population.
In a statement, GCash said it now has over 60 million adult Filipinos using the mobile wallet.
“We have maintained a strong growth momentum with 60 million Filipinos now placing their trust in GCash. We are still the undisputed fintech leader in the country and we now cover 83% of the Philippines’ adult population. We vow to continue providing reliable service to our customers and innovate to deliver their fintech and lifestyle needs,” said GCash president and CEO Martha Sazon.
GCash, likewise, said it now has more than five million merchants and social sellers accepting digital money transfers or payments.
The mobile wallet’s marketplace GLife also has over 420 merchant partners, it said.
GCash said it currently records 29 million daily logins, with a peak in daily transactions at 19 million.
GCash is operated by Mynt under Globe’s corporate venture builder 917Ventures.
The platform has a full suite of financial services such as money transfers, e-commerce, savings, investment, insurance, and just recently, cash loan and “buy now, pay later” products.
Since its launch in 2004, GCash became widely adopted by the public during the pandemic due to increased digitalization as mobility restrictions gave rise to cashless transactions as consumer behavior shifted.
“We now see an increased use of mobile wallets as people embrace e-commerce. With GCash, the unbanked and underserved population are finally empowered. They can already do so much more, such as paying for their online purchases without a credit card or a bank account, getting health insurance, and investing in Unit Investment Trust Fund,” said Sazon.
GCash is the country’s lone double unicorn startup with a $2 billion valuation.—AOL, GMA News
GCash now has over 60M users, covering 83% of adult population
Source: News Panda Philippines
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