Filipinos More Inclined to Use Digital Finance: GCash Transactions Balloon by 700% YoY in May
GCash, the undisputed leading and preferred mobile wallet in the Philippines, recorded unprecedented growth in May, with transactions ballooning by 700 percent year-on-year, as demand for digital finance continues to soar amid the global health situation.
With the rise in digital services that need digital payment gateways, GCash posted a record spike in transactions last month. Bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada, and various other merchants surged by 700 percent during the period over last year.
“The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use the GCash platform to pay for these services,” GCash President & CEO Martha Sazon said.
Since the start of the community quarantines, Filipinos have turned to digital services, given the physical distancing and strict health protocols imposed by the government to curb the spread of COVID-19 in the country. Online marketplaces have become busier, and businesses have set up their own digital storefronts to continue operations.
Food delivery and online grocery shopping have become very popular as well, and fund transfers through GCash, powered by Instapay, has likewise become a preferred mode of domestic remittance.
“GCash is empowering Filipinos to do more with less through our best-in-class platform. Through GCash, we are helping stir up economic activity by bringing merchants and consumers closer, at least digitally,” Sazon said.
GCash powers merchants, government
From the onset of the pandemic, GCash has helped tens of thousands of merchants and even social sellers connect with their customers by providing them with a safe, secure, and convenient mobile payment system.
GCash has also powered the national government’s Social Amelioration Program (SAP), allowing beneficiaries to use their GCash wallets to receive their financial assistance from the Department of Social Welfare and Development (DSWD).
Aside from this, GCash is also processing the financial aid of the local governments of Makati, Quezon City, and Pasig to disburse their own supplemental cash assistance to their residents.
“All these have helped drive the unprecedented growth that we saw in May. We expect to continue riding this momentum, as we further innovate and enhance our offers to provide more digital financial services to Filipinos,” Sazon said.
Growth as an opportunity for constant innovation
Since last month, GCash has been the top finance app in both Android and iOS and has consistently been included in the list of top apps next only to social media app TikTok and social conferencing app Zoom.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly owned by Globe Telecom Inc.
The GCash app is available for download on the App Store and Google Play.