GCash, the mobile wallet of Globe Telecom, said Monday it breached the P500-billion mark in gross transaction value in March, sustaining its market dominance as the country’s number one finance app.
The company said its users were five times larger than the next e-wallet, with daily logins and transactions of up to 29 million and 19 million, respectively.
“GCash remains the leader in terms of users, usage and the ecosystem around it. We’re able to do this while achieving profitability through multiple revenue streams. This is a feat that only a handful of fintech companies in the world have been able to achieve,” said GCash president and chief executive Martha Sazon said.
GCash expects to end the year with a profit and achieve better levels than last year.
It said 83-percent of the Philippine adult population, or 60 million Filipinos, already have a GCash account, inspiring the popular e-wallet platform to look for more innovative solutions to address various financial needs of the public.
With GCash reaching out to the unbanked population, its GSave savings account now has 5.3 million depositors.
Its investment marketplace, GInvest, has 3 million registered users representing 77 percent of the unit investment trust fund accounts in the Philippines.
GCredit, the first foray of GCash into digital lending, provided P29 billion worth of credit lines to qualified users since its launch in 2018, while quick cash loan platform GLoan handed out P2.2 billion worth of loans in ten 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,” Sazon said.
“Our goal is to let people know that these services are not just for the privileged but for everyone,” she said.
GCash said with millions of Filipinos relying on the app for their daily routine, it scaled up merchant acquisitions and partnerships to widen its robust digital ecosystem. The GCash merchant and social seller base grew to 5 million in the first quarter, or 2.7 times larger than in the same period last year.