GCash users soar to 66M

- Advertisement -

Mobile wallet GCash posted a 43.5 percent growth in registered users to 66 million in the first half of the year, from 46 million users in the same period last year, owing to its collaboration with banks and fintech providers.

In a statement, Martha Sazon, GCash president and chief executive officer, said collaboration, not competition, is key to exponential growth and financial inclusion as digital payments rapidly become a staple for many Filipinos.

Sazon said collaboration with banks and other fintech providers has helped GCash maintain a strong growth momentum amid the pandemic, enabling it to add six million users in the first quarter to 66 million at the end of the second quarter of 2022

- Advertisement -

“We’re not a digital bank. We are an e-wallet. But what’s good about that is we’re able to partner with any bank and any financial institution. This is a conscious thought that we make because we know that financial inclusion is a complex, difficult journey. So, we choose to collaborate rather than compete,” Sazon said.

GCash said driven by its goal to deliver fast, safe and convenient digital products and services to the masses, most especially the millions of unbanked Filipinos at the height of the pandemic, it became a key partner of the government for the Department of Social Welfare and Development’s Social Amelioration Program, which was disbursed via the GCash app with over P16 billion received by more than 2 million recipients. – Myla Iglesias

Author

- Advertisement -

Share post: