Mobile wallet service GCash has announced that it has breached the P500-billion mark in Gross Transaction Value in March 2022.
Globe-backed GCash also reports that its users are now five times larger than the next e-wallet platform, with daily logins and transactions of up to 29 million and 19 million, respectively.
The company also added that 83% of the adult population of the Philippines, or 60 million Filipinos, already have a GCash account.
Meanwhile, its GSave savings account now has 5.3 million depositors, while GInvest, its investment marketplace, has 3 million registered users, which is 77% of the Unit Investment Trust Fund (UITF) accounts in the country.
GCredit, the initial foray of GCash into digital lending, has extended P29 billion in credit lines to eligible users since its launch in 2018, while the quick cash loan platform GLoan has extended P2.2 billion in loans in only ten months of operation.
GCash’s “buy now, pay later” proposition GGives has disbursed P130 million in partnership with 85,000 merchants since its accessible installment offer was launched in December 2021.
To keep its position as the largest cashless ecosystem in the Philippines and provide the greatest number of touchpoints, GCash increased its cash-in and cash-out outlets to 232,000 (5.5 times higher year on year).
Martha Sazon, GCash president and CEO, said that the company “remains the leader in terms of users, usage, and the ecosystem around it.” She explained that they’re able to do this “while achieving profitability through multiple revenue streams.”
GCash hits P500B gross transaction value in March 2022
Source: News Updates Trends
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