Graphic from THEPHILBIZNEWS
By Victoria “NIKE” De Dios
With the imposed social distancing due to the COVID19 pandemic, Filipinos have seen the importance of exercising prudence and one of these is the utilization of the digital payment system.
Even before the pandemic, GCash which started as an e-wallet and mobile money service that allows users to load money, send and receive money, pay bills, etc through its app has observed the exponential growth.
Brandishing its more than 15 million registered users nationwide in just three years, GCash has been awarded the Best Mobile Payment App of the Year in 2017 by The Asian Banker, and the Best Mobile Payment Service Award by the Telecom Asia Awards in 2018. It’s also the leading finance app in the Google Play Store since 2015.
Based on their study, GCash remains the undisputed leading and preferred mobile wallet in the Philippines, and has recorded unprecedented growth in May, with transactions ballooning by 700 percent year on year, as demand for digital finance continues to soar amid the global health situation.
In the statement sent to THEPHILBIZNEWS, GCash President & CEO Martha Sazon said, “The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use the GCash platform to pay for these services.”
Since the start of the community quarantines, Filipinos have turned to digital services, given the physical distancing and strict health protocols imposed by the government to curb the spread of COVID-19 in the country. Online marketplaces have become busier, and businesses have set up their own digital storefronts to continue operations.
Food delivery and online grocery shopping have become very popular, as well, and fund transfers through GCash, powered by Instapay, has likewise become a preferred mode of domestic remittance.
“GCash is empowering Filipinos to do more with less through our best-in-class platform. Through GCash, we are helping stir up economic activity by bringing merchants and consumers closer, at least digitally,” Sazon added.
GCash powers merchants, government
From the onset of the pandemic, GCash has helped tens of thousands of merchants and even social sellers connect with their customers by providing them with a safe, secure, and convenient mobile payment system.
GCash has also powered the national government’s Social Amelioration Program (SAP), allowing beneficiaries to use their GCash wallets to receive their financial assistance from the Department of Social Welfare and Development (DSWD).
Aside from this, GCash is also processing the financial aid of the local governments of Makati, Quezon City, and Pasig to disburse their own supplemental cash assistance to their residents.
“All these have helped drive the unprecedented growth that we saw in May. We expect to continue riding this momentum, as we further innovate and enhance our offers to provide more digital financial services to Filipinos,” Sazon said.
Constant innovation leads to growth opportunity
With the rise in digital services that need digital payment gateways, GCash posted a record spike in transactions last month. Bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada, and various other merchants surged by 700 percent during the period over last year.
Based on last month’s performance, GCash has been the top finance app in both Android and iOS, and has consistently been included in the list of top apps next only to social media app TikTok and social conferencing app Zoom.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play. To know more about GCash, visit https://www.gcash.com/.
