Mobile wallet leader GCash continues to boost the financial inclusion efforts of the Bangko Sentral ng Pilipinas (BSP), onboarding more Filipinos into the financial system as digital transactions become an indispensable part of the lives of consumers due to mobility and travel restrictions.
GCash has grown its registered base to over 33 million as of last year or 65 percent higher compared to the 20 million users in end-2019, showing that almost one in three Filipinos now have a GCash account.
Martha Sazon, CEO of Mynt which operates GCash, said the company has emerged as the “trailblazer” of Philippine digital adoption. “GCash continues to empower more Filipinos with digital financial tools and services, allowing for safe and convenient transactions amidst the various levels of quarantines,” Sazon added.
Filipino consumers have adjusted to the new normal by adopting, among others, fintech services to make their financial lifestyles more convenient and to keep themselves safe against COVID-19.
Being the preferred mobile wallet in the Philippines, GCash exceeded its targets last year with transaction value hitting over P1 trillion, peaking at a P7.5 billion daily gross transaction value, and with more than 6 million transactions in a day. Transactions include cash-ins, payments, banking, and money transfer, among others.
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