GCash, the number 1 mobile wallet in the Philippines, continues to be a rising star in Asia as it sets the bar higher for fintech innovation in the region. The company achieved unprecedented growth as it saw an exponential increase in its number of users from 20 million in January 2020 to 46 million in June 2021. The app also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.
This year, GCash processed an average of PHP 300 billion in monthly transactions, and is on track in breaching its PHP 3 trillion Gross Transaction Value (GTV) target. The company boasts of its wide network of more than 2.5 million merchant partners and social sellers via its QR and P2P features, enabling the app to cater to a diverse set of stakeholders in the country. As one out of every 3 Filipinos is now using the app, GCash sets its eyes on achieving more game changing milestones to uplift the lives of many and contribute to building an even stronger and more robust Philippine economy.
With its clear vision of promoting financial inclusion for all, GCash has quickly adapted to the needs of the Filipino people by being a digital payment essential for individuals and entrepreneurs, especially during the pandemic. The company has launched trailblazing products and programs to reach out to more sectors in the country, including underserved and vulnerable groups like overseas workers, the youth, small businesses and even market vendors and cab/tricycle drivers. The top mobile wallet company worked with the Philippine government last year and became its financial aid tool for communities affected by COVID 19, disbursing over P16 billion to more than 2 million Filipinos. It was likewise able to raise over P40 million in donations via digital bayanihan or resource mobilisation, helping at least 3 million Filipinos impacted by typhoons and other calamities.
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A fast-rising regional fintech brand
The fintech brand was recently included in the Top 100 Brands in the Philippines, according to Campaign Asia-Pacific and NielsenIQ. GCash is also one of Asia’s top 1,000 brands this 2021.
Asia’s Top 1000 Brands is a consumer opinion survey across 14 markets in Asia-Pacific and measures brand preference in 15 product/service categories. It shows brands that are succeeding with their marketing and brand-building efforts and reveals the favorite brands among consumers. This year’s study saw the changing consumer behavior among brands and their increasing digital services.
“We are honored to be part of the top brands in the Philippines and in Asia. This award further inspires us to continue with our mission to empower as many Filipinos as possible by giving them access to digital financial solutions that can make their lives better and more convenient especially during this pandemic,” said Martha Sazon, President and CEO of GCash.
No other fintech brand made it to the top 50 of the prestigious list, where the ranking of GCash rose from the previous year’s 51st spot to this 24th in the country in 2021. Among the high-ranking brands in the list are Samsung, Apple, LG, Sony, Panasonic, Nike, Nestle, Google, Colgate, and Starbucks.
Solidifying customer experience through value-adding services
GCash provides customers with an easy and secure cashless payment platform through digital products and services like free money transfers from user to user, frictionless bank transfers, and bills payments. The mobile wallet company also offers businesses, especially MSMEs, a contactless way to accept payment for goods through the use of QR codes and its P2P platform, which has empowered over 2.5 million GCash merchants and social sellers.
Currently, a third of GCash’s monthly active users utilize at least one of the app’s digital products like GCredit, GSave, GInvest, or GInsure. GCash provides customers easy access to a pre-approved credit line to pay for bills or QR transactions with GCredit, safely deposit money with GSave, easily invest in a market fund with GInvest, and buy essentials on GLife. With the health risks of the pandemic, GCash also offers customers COVID-19 health insurance for as low as P39 (~USD 0.78) a month via GInsure.
“We are glad to see that GCash has become an extension of the Filipino digital life everyday. It is our goal to democratize access to financial services because everyone deserves to have ways to protect and grow their money, especially during these difficult times,” said Martha Sazon, GCash President and CEO.
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GCash feted as outstanding fintech company promoting nation building
GCash was recently named as an “Outstanding Partner” by the Bangko Sentral ng Pilipinas (BSP) – the Central Bank of the Philippines, at the agency’s 2021 Stakeholders Appreciation Ceremony. The recognition is for GCash’s continued support and commitment to deliver innovative financial solutions for all Filipinos, especially the unbanked and underbanked segments. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, in a recent webinar, described his vision for the country becoming a digital-heavy, cash-light society to help achieve inclusive growth. “50% or half of all transactions should be digital by 2023, and 70% of Filipino adults should have formal bank accounts by 2023,” Governor Diokno said.
GCash also garnered two awards from the prestigious Asian Banker Awards 2021, and was the sole Philippine fintech company to do so. It won awards for the “Best Financial Inclusion Initiative/Application” for its Social Amelioration Program together with the country’s Department of Social Welfare and Development (DSWD), and “Best Digital Brand Campaign” for its CSR response to COVID-19, further solidifying the company as the #1 e-wallet app in the country.
GCash continues to empower more Filipinos everyday as it strengthens its “One with the Nation” corporate social responsibility program employing various initiatives including NGO partnerships, programs on disaster response and environmental stewardship, as well as grassroots finlit education campaigns nationwide.
Many Filipinos have come to rely on GCash for their daily cashless payment transactions, helping sustain the economy during the pandemic and propelling the mobile wallet to becoming one of the most respected and widely used brands in the Philippines today.
According to Visa’s latest Consumer Payment Attitudes study, Filipinos using digital commerce platforms like GCash helped boost the usage of digital payments in the country. It was also expected that it will continue to grow as more Filipinos appreciate the benefits of contactless payments like GCash during the pandemic.
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