GCash now processes over P300B in monthly transactions

MINERVA BC NEWMAN

CEBU CITY – GCash, the country’s largest mobile e-wallet service, is now processing around P300 billion in monthly transactions as around 46 million GCash users and more than 2.5 million social sellers turn to digital cashless transactions.

“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,” GCash president and CEO Martha Sazon said.

Sazon went on that 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.

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 while 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.

Sazon bared that GCash’s industry leadership is seen through its 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. (Photos: Google Images/GCash)