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


      GCash keeps market dominance as gross transaction value hits P4.8T
      Registered user base breaches 71M as of September


      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 entire year of 2021.

      content/attachments/18444-gcash-po-photo.jpg
      GCash Pera Outlet (PO) user interface shown on the smartphone of a Sari-Sari Store Owner.

      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's 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 Filipinos using Gash and trusting our platform. In addition, we continue to see high user engagement, which further proves that we have become embedded in the everyday lives of Filipinos."

      Olaño also emphasized that "GCash remains the #1 Finance App in the country while consistently maintaining profitability. In addition, the GCash active user base continues to be greater than those of popular social media sites. It is 5x larger than the next e-wallet, based on the 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 digital touchpoints for any e-wallet in the country.

      GCash's e-commerce platform, GLife, has also boosted its number of merchants to 582, offering products and services 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. This program 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.
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