Mobile wallet GCash expects to exceed this year growth targets driven by its array of financial services, from credit, savings, insurance, loans to investments.
Martha Sazon, GCash president and chief executive officer said the company is doubling down on lending as Filipinos move towards digital finance.
Sazon said GCash's assets under management (AUM) for GSave product alone has doubled to over P9 billion in the first six months of the year from P5 billion last year.
The GInvest product, which was launched last year, captured 70 percent of the domestic market of total Unit Investment Trust Funds (UITF) accounts within six months.
GInsure, GCash’s microinsurance offering launched in-app in 2020, now accounts for a third of all new insurance policies issued in the Philippines.
The company’s in-house lending service, GCredit, disburses P1 billion worth of loans a month, on average.
As of June 2021, GCredit has disbursed P15 billion loans, registering the best repayment rates, with the lowest past due and non-performing loans locally.
Partnering with neobank CIMB Bank, GCredit works like a pre-approved credit card to make QR and online purchases, as well as bills payment, without traditional documentation requirements.
It also extends 30-day credits to GCash users. In addition, GCash is piloting GLoan, a new service that allows qualified users to borrow P25,000, with repayment spread over 12 months.
The service is doing well and has shown the fastest growing revenue for its category, Sazon said.
GCash now plans to launch a “Buy Now, Pay Later” service this year to address users' financial challenges during the pandemic and beyond.
Already, GCash is on track to hit P3 trillion in full-year gross transaction value, tripling its 2020 performance, as more Filipinos shift purchases online due to the pandemic.
So far, the GCash app, which has 46 million users, averages P300 billion transactions per month, with over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.
“We have enjoyed massive growth in our financial services through innovative fintech solutions and strategic partnerships, regardless of licenses," Sazon said.
"We also have the edge on experience and technology as we’ve been promoting financial services since we started. We have a very positive growth outlook in the years to come,” she concluded.