AKUURA | Triccia Sucgang, Correspondent | GCash goes over P3 trillion in gross transaction value and has 66 million users. | In the first half of the year, GCash’s gross transaction value (GTV) surpassed the P3 trillion mark, continuing the company’s upward trajectory of growth and moving it closer to its goal of making banking accessible to all. The value came quite close to matching its full-year GTV of 3.8 trillion pesos in 2021.
GCash anticipates that it would finish 2022 with P6 trillion in GTV, which is six times more than it had in 2020 and almost double what it had in 2017. This is assuming that unanticipated events do not arise.
Likewise, the number of people using this service has increased to 66 million, and currently, GCash accounts are held by 80% of all adults in the Philippines.
“Now that things have started to normalize, we’ve observed increased user engagement, which is further indication that GCash has been integrated into the everyday lives of Filipinos,” said Martha Sazon, President and CEO of GCash. “We’ve seen higher user engagement now that things have started to normalize.”
Additionally, GCash has increased the focus on its merchant acquisition efforts and partnerships, which has resulted in a merchant and social seller base of 5.2 million, which is 1.9 times bigger than it was during the same quarter of the previous year. As a result, GCash is the digital ecosystem with the most users in the Philippines.
GCash has increased the number of cash-in and cash-out outlets it has to 339,000, which is 5.7 times greater year on year. This increase was made in order to provide users with the most touch points possible. In addition, its lifestyle portal, GLife, has 520 different merchants, and it is currently launching additional categories like content, health, insurance, and e-government.
GCash remains the most popular financial app in the country in spite of all these recent advancements.
It just goes to show that the transition that the Filipinos are making to a more digital lifestyle is not restricted to those who are living in areas that are now under lockdown. We are seeing continued growth in adoption, as well as increases in both the prevalence of everyday use and the variety of use cases. According to Sazon, “I think the adoption is here to stay and we’re not seeing it plateauing in the near future.”
Mynt’s GCash is the unrivaled market leader when it comes to financial technology in the Philippines. It is a financial mega app that provides a comprehensive array of services, including as cash loans and things that may be purchased now but paid for later. GCash is the only company in the Philippines to be valued at over $2 billion, making it a “double unicorn.”
To learn more about GCash, visit https://www.gcash.com/.