GCash has exceeded its 2020 business targets, including hitting more than PHP 1 trillion transactions for 2020.
The platform has reached more than 33 million registered users, PHP 7.5 billion daily gross transaction value, and over 6 million transactions per day. The digital wallet, however, reached 254% YoY growth.
“The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn’t just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently,” President and CEO of GCash, Martha Sazon stated.
Furthermore, Sazon mentioned that the mobile wallet firm’s exponential growth has been possible due to people’s transition to cashless. She also acknowledged that the growth is driven by an unprecedented surge in usage in GCash to GCash money transfers, bank transfers, online and offline cash-in services, and bill payment during the pandemic.
Based on data from App Annie, GCash has been considered the number one mobile wallet in the Philippines for eleven consecutive months in 2020. The GCash app also overtook popular streaming and social services such as Netflix, Twitter, Grab, and TikTok. This suggests the Filipinos’ reliance on digital finance is growing.
Moreover, the global 12.12 online sales and Filipinos sending money to their loved ones during the holiday season, specifically sending virtual “ang paos,” were also identified to drive the platform’s growth.
GCash’s performance in 2020 also stimulates the fulfillment of the Bangko Sentral ng Pilipinas’ Digital Transformation Roadmap, aiming to shift at least 50% of retail payment transactions to digital and to have at least 70% of Filipinos have their own e-wallet by 2023. Over 3 million GCash users have opened their own savings accounts through GSave as of November 2020, and the platform has also extended over PHP 8 billion credit through GCredit.
Meanwhile, GCash hit a PHP 100 billion transaction value during its first seven months of 2020 and has distributed more than PHP 16 billion SAP disbursements to 2 million Filipinos in the country.
GCash is under Globe Fintech Innovations Inc., which is part of the portfolio companies of 917Ventures owned by Globe Telecom Inc. The GCash app is available on iOS and Android devices.
Well GCash charges so much for simple transactions like PHP 15.00 to transfer from gcash to BPI.
Please sana e remove ang 2% deduction kapag umabot na ng 8, 000 pesos monthly sa Gcash kapag nag load through Palawan Pawnshop. Ang laki kasi ng bawas ehh next transaction , kapag nag transfer pa ng money from Gcash to BDO ay may service fee pa ng 15php.. Sana tanggalin na ang 2% deduction. ?
Globe might want to give back to their loyal users, their referal system is not working. They might want to enhance it as well. Tatagalugin ko baka po hindi maintindihan…Madami po ang nawalan ng trabaho at maliit na negosyo at lahat ng hindi makalabas ng bahay na napagamit ng gcash para magbakasakaling kumita para may kainin… Baka gusto nila ayusin ang referal system nila para lahat ngnagrerefer ay may bumalik man lang na insentibo sa kanila… At yes yung 5% rebate on all transactions. Nanakawan din kayo kapag hindi po kayo mamimigay… Babalik po ang karma sa inyo… Hope this helps them open up their hearts to those in need. Give more to charities and give incentives to micro business or work from home and online sellers when using GCash.
Ibalik ang 5% rebates on all transactions! ???