The onset of the pandemic has highly encouraged people to use all forms of cashless payments for their transactions. This is a boon for eWallets like GCash, which recently reported that they have breached half a trillion pesos in gross transactions last March 2022.
In its press statement, GCash even claimed that its active users “are now 5x larger than the next e-wallet, with daily logins and transactions of up to 29 million and 19 million, respectively.” To further support that claim, GCash estimates around 60 million Filipinos have their own GCash account, making its platform very accessible to the public’s various financial needs.
Aside from recording a massive amount of transactions in 2022, GCash has also expanded its services to accommodate the unbanked population. GCash’s GSave has 5.3 million depositors, while GInvest has 3 million registered users that represent around 77% of UITF accounts in the Philippines.
Beyond those services, GCash’s GCredit has been the leader in digital lending, providing 29 billion Pesos worth of credit lines to qualified users since its launch in 2018. GLoan, on the other hand, has processed 2.2 billion Pesos worth of loans from 10 months of operations
“Across the financial services landscape, we partnered with and are trusted by the most innovative and biggest market players, from savings, investment, insurance to lending, as we change the game and democratize financial access to Filipinos. Our goal is to let people know that these services are not just for the privileged but for everyone,” GCash President and CEO Martha Sazon said.
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