Mobile wallet GCash yesterday said it breached the P3-trillion mark in gross transaction value (GTV) in the first half of the year.
Barring any unforeseen circumstances, GCash said it is expected to end 2022 with P6 trillion GTV, six times more than 2020 and almost double last year’s P3.8 trillion transaction value.
Likewise, its user base has grown to 66 million, with four out of five adults in the Philippines having a GCash account.
“We’ve seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” Martha Sazon, GCash president and chief executive officer, said in a statement.
GCash said it has also doubled down on its merchant acquisition efforts and partnerships resulting in a merchant and social seller base of 5.2 million, 1.9 times higher than the same quarter of last year. This makes GCash the largest digital ecosystem in the Philippines.
To offer the most touch points for users, GCash has expanded its cash-in and cash-out outlets to 339,000, 5.7 times higher year-on-year. In addition, it said its lifestyle portal GLife has 520 merchants and is introducing new categories such as content, health, insurance and e-government.
GCash said with all these developments, it continues to be the number one finance app in the country.
“It just goes to show that the Filipinos’ shift to a more digital lifestyle is not limited to those during lockdowns. We continue to see the adoption increasing, and even the everyday use and use case diversity are growing. I think the adoption is here to stay and we’re not seeing it plateauing in the near future,” Sazon said.
GCash is the lone double unicorn in the Philippines valued at over $2 billion.
