GCash, the mobile wallet of Globe Telecom, said Friday its digital savings account base reached 5.3 million users, with one out of every five banked Filipino adults now using the service and the platform continuing to reach out to the country’s huge unbanked population.
GSave was created by GCash and one of Southeast Asia’s largest commercial banks, CIMB Bank. It is the first bank account that can be opened and maintained straight from the GCash app.
The number of GSave depositors is expected to increase further as CIMB hikes its interest rate to 7 percent per annum for new GSave account holders. Current depositors enjoy a 2.6-percent annual interest rate, which is much higher than the 0.10 percent to 1.25 percent offered by traditional banks.
Encouraged by the success of its partnership with CIMB, GCash is set to launch the GSave Marketplace, offering users more choices of bank and savings products that best suit them.