GCash hits over PHP 1 trillion transactions in 2020
GCash has exceeded its 2020 business targets, including hitting more than PHP 1 trillion transactions for 2020.
The platform has reached more than 33 million registered users, PHP 7.5 billion daily gross transaction value, and over 6 million transactions per day. The digital wallet, however, reached 254% YoY growth.
“The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn’t just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently,” President and CEO of GCash, Martha Sazon stated.
Furthermore, Sazon mentioned that the mobile wallet firm’s exponential growth has been possible due to people’s transition to cashless. She also acknowledged that the growth is driven by an unprecedented surge in usage in GCash to GCash money transfers, bank transfers, online and offline cash-in services, and bill payment during the pandemic.
Based on data from App Annie, GCash has been considered the number one mobile wallet in the Philippines for eleven consecutive months in 2020. The GCash app also overtook popular streaming and social services such as Netflix, Twitter, Grab, and TikTok. This suggests the Filipinos’ reliance on digital finance is growing.
Moreover, the global 12.12 online sales and Filipinos sending money to their loved ones during the holiday season, specifically sending virtual “ang paos,” were also identified to drive the platform’s growth.
GCash’s performance in 2020 also stimulates the fulfillment of the Bangko Sentral ng Pilipinas’ Digital Transformation Roadmap, aiming to shift at least 50% of retail payment transactions to digital and to have at least 70% of Filipinos have their own e-wallet by 2023. Over 3 million GCash users have opened their own savings accounts through GSave as of November 2020, and the platform has also extended over PHP 8 billion credit through GCredit.
Meanwhile, GCash hit a PHP 100 billion transaction value during its first seven months of 2020 and has distributed more than PHP 16 billion SAP disbursements to 2 million Filipinos in the country.