Mobile payment service providers GCash and PayMaya are optimistic to sustain growth this year as consumers make a significant shift to digital payment amid the pandemic.
As of end-2020, over 60 percent of mobile subscribers have shifted to digital payment driven by the government and private sector’s push to combat the spread of the coronavirus disease 2019 (COVID-19).
Globe Telecom Inc.’s GCash had 33 million users while PLDT Inc.’s PayMaya had 28 million users, a significant increase from 2019, which is over 60 percent of the 151 million combined mobile subscribers of the two incumbent telcos.
GCash said it has passed over P1 trillion in transactions last year, peaking at P7.5 billion daily gross transaction value with 33 million users, a 65 percent growth versus the prior year.
“Aside from regular financial transactions such as money transfer and bills payments, we’ve noticed shifting behaviors on how money and digital money is being used, namely on entertainment, savings, donations, and online shopping,” said Martha Sazon, GCash president and chief executive officer.
Shopping is another use case consumers have applied GCash. In 2020 alone, Filipinos spent over P16 billion on popular online shopping sites such as Lazada and Shopee.
Meanwhile, more than 600,000 merchants and social online sellers opened up shop during the pandemic with GCash as the primary mode of payment.
GCash is confident it will be able to accelerate meeting this goal, as 1 in 3 Filipinos already have a GCash account.
As for PayMaya, the total digital payment transactions it processed has tremendously grown as more sectors of society adopt cashless payments, making it the default for transactions.