MANILA, Philippines — Transactions made using mobile e-wallet GCash passed the 500 billion peso mark in gross value in March, the company announced on Monday, as more Filipinos go digital for their daily financial needs.
The subsidiary of telecommunications giant Globe Telecom Inc. attributed the milestone mainly to its rapidly growing customer base, as the pandemic provided strong tailwinds for fintech companies. So far, there are 60 million active GCash users in the Philippines, which is 83% of the country’s population.
With so many customers using the platform, GCash said it was processing 19 million transactions from 29 million logins per day. Martha Sazon, the company’s president and CEO, said GCash expects to end the year “with positive profitability and even better levels than last year.”
Aside from its massive customer base, GCash’s diverse offerings – whose parent company achieved “double unicorn” status in November last year after receiving new capital from investors – have also helped the company cross the line. cap.
Its GSave savings account attracted 5.3 million depositors. GInvest, the fintech’s investment segment, has 3 million registered users within its ecosystem who, according to GCash, account for 77% of unit investment trust fund accounts across the country.
The digital lending segment of the fintech platform has granted 29 billion pesos of credit to qualified users since 2018. GLoan, the fast cash lending arm of GCash, has lent 2.2 billion pesos of loans during of its 10 months of existence.
“It’s a feat that only a handful of fintech companies in the world have been able to achieve,” Sazon said.