Finance app GCash yesterday said it has breached P500 billion in gross transaction value in March 2022 and that it expects to end the year stronger than in 2021.
That is a little less than half of the P1.2-trillion transaction value recorded in 2020.
GCash, a portfolio company under 917Ventures, which is a wholly-owned subsidiary of Globe Telecom Inc., said active GCash users are now five times larger than the next e-wallet, with daily logins and transactions of up to 29 million and 19 million, respectively.
To date, 83 percent of the Philippine adult population, or 60 million Filipinos, have a GCash account, the company said.
“GCash remains the leader in terms of users, usage, and the ecosystem around it. We’re able to do this while achieving profitability through multiple revenue streams. This is a feat that only a handful of fintech companies in the world have been able to achieve,” Martha Sazon, GCash president and chief executive officer, said in a statement.
With GCash reaching out to the unbanked population, its GSave savings account now has 5.3 million depositors. Its investment marketplace, GInvest, has 3 million registered users representing 77 percent of the unit investment trust fund accounts in the Philippines.
GCredit, the first foray of GCash into digital lending, has provided P29 billion worth of credit lines to qualified users since its launch in 2018, while quick cash loan platform GLoan has handed out P2.2 billion worth of loans in just 10 months of operations, the company said.
GGives, a “buy now, pay later” proposition, has disbursed P130 million in partnership with 85,000 merchants since its accessible installment offer was introduced in December 2021, GCash added.
GCash expects to end the year at positive profitability and even better levels than last year.
The GCash merchant and social seller base has grown to 5 million, 2.7 times larger than the first quarter of last year.
To maintain its position as the largest cashless ecosystem in the Philippines and offer the most touchpoints for the users, GCash expanded its cash in and cash out outlets to 232,000, 5.5 times higher year-on-year.
