GCash transactions doubling to over P2T in 2021

Published May 12, 2021, 10:31 AM

by Emmie V. Abadilla

As more consumers opt for cashless transactions amidst the pandemic, mobile wallet GCash expects to double its gross transaction value to over P2 trillion this year, from P1 trillion in 2020.

People are now transacting over the GCash platform due to strict mobility and quarantine restrictions caused by the global health crisis, Globe President and CEO Ernest L. Cu told the Shareholders’ Association of the Philippines Inc. (SharePHIL) online forum.

“I believe the number that we are targeting in gross transaction value is over P2 trillion this year,” he confirmed.

“We hope that the value keeps going up because that means people are really transacting over our platform.”

Driven by the heightened need for cashless solutions, GCash users have now reached 40 million accounts as of end-April.

The platform has over 1.6 million merchants and social sellers to date, giving users access to other financial services such as investments, insurance and savings.

“One of the things that we are proud of is that we’ve even surpassed active users of international apps like Spotify and Viber, and I think we’ve also surpassed Instagram,” Cu noted.

GCash, the top financial app in the country, is also among the top e-commerce apps in the Philippines, along with shopping platforms Lazada and Shopee.

“GCash has become an extension of the Filipino digital life. It has become ubiquitous with the needs that have arisen during the pandemic,” he pointed out.

The e-wallet has also expanded its services to GSave, a savings account in partnership with CIMB Bank, with over 3 million active accounts.

Its GInsure has sold over 250,000 insurance policies which include Dengue, Covid-19, and income protection coverage.