GCASH, operated by Globe Fintech Innovations, Inc. (Mynt), announced on Monday that it breached the P500-billion mark in gross transaction value in March.
This shows that the finance application thrives even as the economies open up, according to the company.
“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,” it said in an e-mailed statement.
GCash said 60 million Filipinos are registered in the e-wallet platform. Hence, it is looking for more solutions to address 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 the Unit Investment Trust Fund (UITF) accounts in the Philippines,” the company noted.
“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,” it added.
GCash likewise said that its “buy now, pay later” feature GGives has disbursed P130 million in partnership with 85,000 merchants since its accessible installment offer was launched in December last year.
The finance application has expanded its cash-in and cash-out outlets to 232,000.
At the same time, the company said it expects to end 2022 “at positive profitability and even better levels than last year.”
GCash recently partnered with Hong Kong’s TNG Wallet to provide a remittance solution for overseas Filipinos.
The partnership seeks to enable Filipinos in Hong Kong to send money directly to GCash Wallet users in the Philippines via the TNG Wallet app.
GCash said in February that it had more than tripled its gross transactions last year to P3.8 trillion from P1.2 trillion in 2020.
It ended 2021 with 55 million registered users, 4.5 million merchants and social sellers, and around 174,000 cash-in and cash-out agents.
GCash achieved profitability three years ahead of its target, the company said in a statement.
It became the only double unicorn in the country last year, reaching a valuation of more than $2 billion. — Arjay L. Balinbin