Globe Telecom Inc.’s mobile wallet service provider, GCash, targets to triple its gross transaction value this year to over P3 trillion from over P1 trillion a year ago, as more Filipinos turn to cashless options.
With the coronavirus disease 2019 (COVID-19) pandemic serving as a catalyst for digitalization, GCashsaid its monthly gross transaction value reaches to around P300billion and its registered users have reached around 46 million as of end July this year.
The number of merchants and social sellers also increased to more than 2.5 million.
“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,” said Martha Sazon, GCash president and chief executive officer.
GCash reportedit reached another milestone by achieving positive earnings before interest, taxes, depreciation and amortization and net income after taxes last June. This shows a healthy overall financial performance for GCash.
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 life and health insurance products that cover illnesses such as COVID-19 and Dengue for as low as P39 a month.
GCredit is a revolving mobile credit line on the GCash app that can be used to pay for goods and services.
GInvest allows hassle-free, affordable and secured access to the products of the country’s most trusted investment companies.
GCash is one of the portfolio companies under 917Ventures, the largest corporate venture builder in the Philippines whollyowned by Globe.
