Photo from THEPHILBIZNEWS/Mau Victa
GCash has sustained its market dominance as the country’s number one finance app, breaching the P500-billion mark in Gross Transaction Value in March 2022 alone.
GCash user engagement continues to thrive even as the world opens up, showing that it has become a major part of people’s everyday lives. Active GCash users are now 5x larger than the next e-wallet, with daily logins and transactions of up to 29 million and 19 million, respectively.\
Eighty-three percent of the Philippine adult population, or 60 million Filipinos, already have a GCash account, further inspiring the popular e-wallet platform to look for more innovative solutions to address various financial needs of the public.
With GCash reaching out to the unbanked population, its GSave savings account now has 5.3 million depositors. Its investment marketplace, GInvest, has 3 million registered users representing 77% of the Unit Investment Trust Fund (UITF) accounts in the Philippines.
GCredit, the first foray of GCash into digital lending, has already provided P29 billion worth of credit lines to qualified users since its launch in 2018, while quick cash loan platform, GLoan, has handed out P2.2 billion worth of loans in just ten months of operations.
GGives, a “buy now, pay later” proposition, has disbursed P130 million in partnership with 85,000 merchants since its accessible installment offer was introduced in December 2021.
“Across the financial services landscape, we partnered with and are trusted by the most innovative and biggest market players, from savings, investment, insurance to lending, as we change the game and democratize financial access to Filipinos. Our goal is to let people know that these services are not just for the privileged but for everyone,” said Martha Sazon, GCash President and CEO.
With millions of Filipinos relying on GCash for their daily routine, the company scaled up merchant acquisitions and partnerships to widen its robust digital ecosystem. The GCash merchant and social seller base has grown to 5 million, 2.7 times larger than the first quarter of last year.
To maintain its position as the largest cashless ecosystem in the Philippines and offer the most touchpoints for the users, GCash expanded its cash in and cash out outlets to 232,000, 5.5X higher year on year.
Likewise, it has onboarded more than 420 GLife merchants from its expansion into new categories like content, health, insurance, and e-government to help usher in the digital lifestyle for more Filipinos.
“GCash remains the leader in terms of users, usage, and the ecosystem around it. We’re able to do this while achieving profitability through multiple revenue streams. This is a feat that only a handful of fintech companies in the world have been able to achieve,” Sazon added.
GCash expects to end the year at positive profitability and even better levels than last year.
GCash is a portfolio company under 917Ventures, a wholly-owned subsidiary of Globe. GCash is one with the Globe Group in supporting the United Nations Sustainable Development Goals, particularly UN SDG No. 9, highlighting the roles of infrastructure and innovation as crucial drivers of economic growth and development.
To know more about GCash, visit www.gcash.com.
