25.3 C
Philippines
Tuesday, February 27, 2024

8:26 AM

25.3 C
Philippines
Tuesday, February 27, 2024

8:26 AM

GCash keeps market dominance as gross transaction value hits P4.8T

Leading Philippine e-wallet, GCash, maintained market dominance as it closed the first nine months of the year with a gross transaction value of P4.8 trillion, surpassing the P3.8 trillion GTV it recorded for the full year of 2021.

GCash registered users also grew from the previous quarter, from 66 million users to an all-time high of 71 million users.

At the quarterly media briefing of GCash parent company, Globe Group, Mynt Chief Financial Officer Tek Olaño shared, “as of the end of September this year, our registered base continued to grow with 71 million Filpinos using Gash and trusting our platform. We continue to see high user engagement, which serves as further proof that we have become embedded in the everyday lives of Filipinos.”

Olaño also emphasized that, “GCash remains to be the #1 Finance App in the country while consistently maintaining profitability. The GCash active user base continues to be greater than those of popular social media sites, and is 5x larger than the next e-wallet, based on reputable third-party platform DATA.AI”.

Likewise, GCash has continued to expand its merchant and social seller base which has reached 5.5 million in the said period, 1.6x larger than the same period in 2021. Olaño also shared that GCash has further grown its cash-in and cash-out outlets for its users to over 557,000 – the most number of digital touchpoints for any e-wallet in the country.

GCash e-commerce platform, GLife, has also boosted its number of merchants to 582, offering products and services ranging from categories like content, health, insurance, and e-government.

Looking ahead, Olaño said that GCash aims to serve more Filipinos wherever they are. For one, GCash has been fully supportive of the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government’s (DILG) Paleng-QR Ph program which seeks to make financial services more accessible to public market vendors and tricycle drivers.

He also shared that the e-wallet has also been taking steps to make its services available to Filipinos outside the country – leveraging on its partnership with regional fintech giant, Alipay. Through this partnership, customers can use GCash to pay via QR in establishments in Japan, Malaysia, Singapore, and most recently, South Korea.

“We will continue to deliver on our promise of convenience, reliability and accessibility so our customers can avail of essential financial services confidently in line with our vision of Finance for All,” Olaño said.