Top Philippine fintech GCash grows users to 66 million, Business News

GCash CEO says collaboration, not competition, key to exponential growth and financial inclusion

Manila, Philippines, 15 August 2022 /PRNewswire/ — As digital payments quickly become a staple for many Filipinos, GCash, the leading mobile wallet in The Philippines and the country’s first ever double unicorn has reached another milestone as it increases the number of registered users to 66 million per June 2022. This was one of the main highlights shared by GCash’s President and CEO Martha Sazon during the recent Mobile 360 ​​Asia Pacific FinTech Summit held at the JW Marriott South Beach in Singapore.

During the summit, Martha shared how collaboration with banks and other fintech providers has helped GCash maintain strong growth momentum amid the pandemic that has enabled it to add six million users from the first quarter to 66 million by the end of the second quarter 2022.

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

With this in mind, GCash has partnered with the most innovative and largest financial institutions – such as BPI, ATRAM and CIMB, as well as various government agencies, insurance and fintech companies – to meet the population’s need for more accessible financial services. GCash also teamed up with Ant Group Financial, giving the app access to global and best-in-class platforms and features and enabling GCash to scale up quickly and ensure user security.

Driven by the goal of delivering fast, secure and convenient digital products and services to the masses, especially the millions of unbanked Filipinos at the height of the pandemic, GCash became a key partner of the Philippine government for their Social Amelioration Program (SAP). ) which was distributed via the GCash app with above P16 billion in aid received by more than 2 million beneficiaries. Moreover, GCash also empowers Micro, Small and Medium Enterprises (MSMEs) by partnering with various insurance providers to offer practical digital business solutions such as corporate insurance products. More similar services will soon be launched on the GCash app.

With financial inclusion at the heart of the business, Sazon also said that GCash is continuously democratizing financial services by adding strategic partners to help innovate its game-changing products such as Send Money, Pay Bills, Cash-in, Cash-out, GInsure, GLoan , GInvest, GGives, GCredit. This has enabled them to deliver solutions that meet every Filipino need and requirement.

“The people we need to include are the masses. We are talking about riders, tricycle (three-wheeled public transport) drivers, sari-sari shops (community-based shops) and even market shop vendors. This is very important because it is these people who make up our MSME -industry,” Sazon said.

For more information, visit www.gcash.com.ph

About GCash

GCash (G-Xchange, Inc.) is the #1 financial app in the The Philippines. Through the GCash app, customers can easily purchase prepaid airtime; pay bills in excess 1.3k partner invoice issuers; send and receive money anywhere in The Philippines, even to other bank accounts; buy from above 4.5 million partner merchants and social sellers; cash-in and cash-out at above 170k partner agents; and access savings, credit, insurance and invest money, all using their smartphones. GCash is a wholly owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).

GCash was recognized by The Asian Banker (TAB) and by IDC in 2021 for its outstanding digital financial inclusion programs that are now positively impacting 66 million Filipinos in the country today.