‘Paki-GCash mo na’
For many Filipinos these days, GCash has become a verb synonymous to convenient payment. Phrases like “paki-GCash mo na” and “GCash na lang” are now said and heard in everyday conversations, which is a testament to the deep entrenchment of the e-wallet in the lives of Filipinos.
This has solidified GCash’s position as the leading mobile wallet in the Philippines, more than tripling its gross transactions in 2021 to P3.8 trillion from ₱1.2 trillion in 2020.
The Philippines’ undisputed fintech platform operated by Mynt closed 2021 with 55 million registered users, 4.5 million merchants and social sellers, 290 GLife merchant partners, and around 174,000 cash-in and cashout agents.
And even as pandemic restrictions ease and mobility again increases, GCash sees further expansion this year as it introduces more disruptive services aimed at providing innovative solutions for daily needs.
“Filipinos are increasingly adopting digital, including fintech, and those who are using it are actually very happy and entrenched… GCash has even become a verb. People say “paki-GCash mo na,” and we see that the behavior formed during the lockdown is sustained even as the economy opens up,” said GCash President and CEO Martha Sazon at Globe’s FY/Q4 2021 financial media briefing.
Given people’s increasing reliance on online platforms, GCash achieved profitability three years ahead of its target and has reached positive full-year EBITDA. In 2021, GCash became the only double unicorn in the Philippines, reaching a valuation of over US$2 billion.
“We are the gold standard in fintech in the country and possibly in the region. We’ve seen the role of GCash evolve from an e-wallet to a personal digital life hack as shown by our high user engagement,” Sazon said.
She said Filipinos’ adoption of the fintech platform is seen to continue as GCash expands its portfolio of services, including options for loans and investments.
“With the growing portfolio of relevant products, as far as GCash is concerned, we see that adoption will continue to grow among Filipinos,” Sazon added.
This is in line with GCash’s priorities in 2022 to further support the central bank’s goal of increasing digital transactions in the country and widening fintech adoption among Filipinos to reach the unbanked.
“Key priorities for 2022 is to take further steps towards our vision of finance for all. This means disrupting traditional financial services by providing the unbanked segment of the country access to credit through game-changing products like GLoan and GGives, where we’ve had really positive initial results. And the momentum, we see it building up,” said Sazon.
GCash is also planning to expand its investment products to cover cryptocurrencies and stock trading.
GCash is one of the portfolio companies under 917Ventures, Globe’s wholly-owned corporate venture builder.
The Globe Group strongly supports the United Nations Sustainable Development Goals, particularly UN SDG No. 9, highlighting the roles of infrastructure and innovation as crucial drivers of economic growth and development. It is committed to upholding the UN Global Compact principles and contributing to 10 UN SDGs.
To know more about GCash, visit www.gcash.com.