According to mobile e-wallet GCash, it is now processing around P300 billion in monthly transactions attributing the gains to the increasing number of Filipinos shifting to cashless transactions. Registered users of GCash reached around 46 million as of end-July. The number of merchants and social sellers also increased to more than 2.5 million.
GCash also shared that it reached another milestone by achieving positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Net income After Taxes (NIAT) last June.
“This shows a healthy overall financial performance for GCash,” the company said.
The company is confident that it will be able to sustain its growth by almost tripling its gross transaction value target to over P3 trillion this year from over P1 trillion in 2020, given the increasing reliance of many people on cashless transactions.
“It is our goal to democratize access to financial services because everyone deserves to have ways to protect and grow their money, especially during these difficult times,” said Martha Sazon, president and CEO, GCash.
Aside from payments and money transfers, GCash has expanded its services to include savings, loans, insurance, and investment. These include GSave, a savings account in partnership with CIMB Bank, and GInsure, which offers a variety of life and health insurance products that cover illnesses such as COVID-19 and Dengue for as low as P39 a month.
GCredit is a revolving mobile credit line on the GCash app that can be used to pay for goods and services. GInvest allows hassle-free, affordable, and secured access to the products of the country’s most trusted investment companies.
GCash is one of the portfolio companies under 917Ventures, the largest corporate venture builder in the Philippines wholly owned by Globe.