Two years ago, GCash was hardly known by Filipino consumers. Now, the e-wallet platform has become so embedded in people’s everyday lives it has become a verb, a payment category, even a word to describe the letter G.
GCash President and CEO Martha Sazon shared this fun fact at the 2022 Rotary District Conference where she talked about the big role GCash plays in the rise of the digital economy. Sazon was joined by the CEOs of BPI, Angkas, and Transportify.
“It has become a verb. People say, ‘i-GCash mo ‘yan.’ I heard pa nga one time, ‘Ano ba ang GCash mo? Paymaya…?’. It’s now a category name. Part na rin ng alphabet. ‘Yung isang bata sabi G is for GCash,” she quipped.
GCash’s popularity soared during the pandemic despite being around since 2004, but Sazon believes that the mobile wallet is here to stay due to increased digitalization. Consumers have also gotten used to the convenience it offers.
“GCash is definitely not a fad. People have finally equated GCash with access to opportunities. They have made it like their own personal digital life hack. We’re not anymore the ones recommending use cases to them. They are the ones inventing where to use it for,” she explained.
Sazon noted that there will always be a lot of players in the tech industry. But the hardest part is embedding a service into people’s lifestyles.
“I think that’s what GCash has successfully done already,” she said.
With over 55 million registered users and 4.5 million merchants and social sellers, GCash is the Philippines’ undisputed fintech platform leader. Its gross transactions reached P3.8 trillion last year as consumers’ shift from traditional to digital was accelerated by pandemic needs.
GCash has also achieved double unicorn status, carrying a valuation of US$2 billion. It is determined to continuously develop products and services that uplift people’s lives and secure their future.
Aside from e-money, GCash provides savings, especially for the unbanked, through a partnership with CIMB digital bank. It also offers insurance through GInsure for as low as P25 and investments via GInvest for as low as P100 for local funds and P1,000 for international funds.
Another product, GLoan, has disbursed P1 billion worth of loans just six months from its launch. Users can also turn to GGives for “buy now, pay later” offerings with up to 12-month installment plans.
GCash is one with the Globe Group in strongly supporting the United Nations Sustainable Development Goals, particularly UN SDG No. 9, highlighting the roles of infrastructure and innovation as crucial drivers of economic growth and development. It is committed to upholding the UN Global Compact principles and contributing to 10 UN SDGs.
To know more about GCash, visit https://www.gcash.com.
