Gcash sets sights on ₧2-T transactions
FINANCIAL technology (fintech) player Gcash targets to double its gross transaction value to over P2 trillion in 2021 from P1 trillion last year, with its chairman saying that this goal reflects the company’s confidence in the continued digital adoption in finance.
Gcash Chairman Ernest L. Cu said Gcash has grown its user base to 40 million users in end-april, a huge jump from its base of 33 million users at end-2020. The growth, he said, is driven by the higher demand for digital finance amid the quarantine restrictions caused by the pandemic.
“I believe the number that we are targeting in gross transaction value is over P2 trillion this year. We crossed P1 trillion in 2020 and we hope that the value keeps going up because that means people are really transacting over our platform,” Cu said.
Gcash, he added, now has 1.6 million merchants and social sellers to date. It has also increased its cash-in touchpoints to 40,000 doors from 17,000 doors.
“One of the things that we are proud of is that we’ve even surpassed active users of international apps like Spotify and Viber, and I think we’ve also surpassed Instagram,” Cu said. “Gcash has become an extension of the Filipino digital life. It has become ubiquitous with the needs that have arisen during the pandemic.”
Aside from its mobile wallet features, Gcash also provides users access to savings, credit, insurance, and investments.
“In Gcash, we pride ourselves in promoting nationwide financial inclusion, true to our goal of Finance for All. Apart from the financial services Gcash offers, it also helps customers increase their credit score,” Cu said.
Gcash President Martha Sazon said that the shift to digital opens up opportunities for businesses to introduce innovation that brings better value for consumers.
“Filipinos deserve to have more ways to protect and grow their money, especially during these difficult times that we are in. At Gcash, everyday we strive towards financial inclusion and freedom for all,” she said.