Philippine mobile wallet firm GCash is looking at doubling its gross transaction value target to over P2 trillion this year from P1 trillion in 2020 as more consumers embrace cashless transactions amid the pandemic.
As more consumers and businesses shifting to cashless payments and solutions, GCash said its user base reached 40 million as of April. These GCash app users have access to other financial services such as investments, insurance, and savings.
According to GCash, the mobile app has over 1.6 million merchants and social sellers to date.
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“I believe the number that we are targeting in gross transaction value is over P2 trillion this year,” said Ernest Cy, president and CEO, Globe. “We crossed P1 trillion in 2020 and we hope that the value keeps going up because that means people are really transacting over our platform.”
The e-wallet has expanded its services with the objective of providing safe, secure, and accessible options to customers. GSave, a savings account in partnership with CIMB Bank, has over 3 million active accounts. GInsure has sold over 250,000 insurance policies which include Dengue, Covid-19, and income protection coverage.
“In GCash, we pride ourselves in promoting nationwide financial inclusion, true to our goal of Finance for All. Apart from the financial services GCash offers, it also helps customers increase their credit score,” Cu said.
GCash has already penetrated previously unserved market segments such as fisherfolks, tricycle drivers and palengke vendors. It also helped distribute P16 billion to more than 2 million beneficiaries under the government’s Social Amelioration Program (SAP).