GCash, the country’s largest mobile e-wallet service, is now processing around P300 billion in monthly transactions as more Filipinos turn to cashless options.
With the COVID-19 pandemic serving as a catalyst for digitalization, registered users of GCash reached around 46 million as of end-July. The number of merchants and social sellers also increased to more than 2.5 million.
More importantly, as a testament to GCash’s industry leadership, it reached another milestone by achieving positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Net income After Taxes (NIAT) last June. This shows a healthy overall financial performance for GCash.
The company is seen to sustain its remarkable growth story by almost tripling its gross transaction value target to over P3 trillion this year from over P1 trillion in 2020, given the increasing reliance of many people on GCash and other online platforms for their various needs.
“We are glad to see that GCash has become an extension of the Filipino digital life. 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.
Aside from payments and money transfers, GCash has expanded its services to include savings, loans, insurance, and investment. These include GSave, a savings account in partnership with CIMB Bank, and GInsure, which offers a variety of life & health insurance products that covers illnesses such as COVID-19 and Dengue for as low as Php 39 a month.
GCredit is a revolving mobile credit line on the GCash app that can be used to pay for goods and services. At the same time, GInvest allows hassle-free, affordable, and secured access to the products of the country’s most trusted investment companies.
GCash was recently named as “Outstanding Partner” by the Bangko Sentral ng Pilipinas for its innovative financial solutions. The e-wallet service provides financial access to Filipinos, especially the unbanked and underbanked segments.
GCash is one of the portfolio companies under 917Ventures, the largest corporate venture builder in the Philippines wholly-owned by Globe.
The Globe Group strongly supports the United Nations Sustainable Development Goals (UN SDG), particularly UN SDG No. 9, on the importance of infrastructure and innovation as significant drivers for economic growth and development. It is committed to upholding the UN Global Compact principles and contributing to 10 UN SDGs.
To know more about 917Ventures and its portfolio companies, visit https://917ventures.com/.
