GCash sees transaction growth despite economy opening up

GCASH, operated by Globe Fintech Innovations, Inc. (Mynt), announced on Monday that it crossed the 500 billion peso mark in gross transaction value in March.

This shows that the financial app thrives even when economies open up, according to the company.

“GCash’s active users are now 5 times higher than the next e-wallet, with daily logins and transactions up to 29 million and 19 million, respectively,” he said in a statement sent by e-wallet. -mail.

GCash said 60 million Filipinos are registered on the e-wallet platform. Therefore, he is looking for more solutions to meet other financial needs.

“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 Unit Investment Trust Fund (UITF) accounts in the Philippines,” the company noted.

GCredit, GCash’s first foray into digital lending, has already provided 29 billion pesos of lines of credit to qualified users since its launch in 2018, while the fast cash lending platform, GLoan, has granted 2, 2 billion pesos in loans. in just ten months of operations,” he added.

GCash also said its “buy now, pay later” feature GGives has paid out 130 million pesos in partnership with 85,000 merchants since launching its accessible installment offering in December last year.

The funding app has expanded its deposit and withdrawal points to 232,000.

At the same time, the company said it expects to end 2022 “with positive profitability and even better levels than last year.”

GCash recently partnered with Hong Kong’s TNG Wallet to provide a remittance solution for Filipinos abroad.

The partnership aims to enable Filipinos in Hong Kong to send money directly to GCash Wallet users in the Philippines through the TNG Wallet app.

GCash said in February it more than tripled its gross transactions last year to 3.8 trillion pesos from 1.2 trillion pesos in 2020.

It ended 2021 with 55 million registered users, 4.5 million social merchants and sellers, and around 174,000 deposit and withdrawal agents.

GCash hit profitability three years ahead of its target, the company said in a statement.

She became the country’s only double unicorn last year, hitting a valuation of over $2 billion. — Arjay L. Balinbin