Want to keep up with the latest in tech?
GCash Breaches ₱3-T Gross Transaction Value, Reaches 66M Users
GCash continues its growth momentum and journey towards providing finance for all, breaching the ₱3-trillion mark in gross transaction value (GTV) in the first half of the year. The value nearly matched its ₱3.8 trillion full-year GTV of 2021.
Barring any unforeseen circumstances, GCash expects to end 2022 with ₱6 trillion GTV, six times more than 2020 and almost double last year.
Likewise, its user base has grown to 66 million, with four out of five adults in the Philippines having a GCash account.
“We've seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” said Martha Sazon, GCash President and CEO.
GCash has also doubled down on its merchant acquisition efforts and partnerships resulting in a merchant and social seller base of 5.2 million, 1.9 times higher than the same quarter of last year. This makes GCash the largest digital ecosystem in the Philippines.
To offer the most touch points for users, GCash has expanded its cash-in and cash-out outlets to 339,000, 5.7 times higher year on year. In addition, its lifestyle portal GLife has 520 merchants and is introducing new categories such as content, health, insurance, and e-government.
With all these developments, GCash continues to be the number one finance app in the country.
“It just goes to show that the Filipinos’ shift to a more digital lifestyle is not limited to those during lockdowns. We continue to see the adoption increasing, and even the everyday use and use case diversity are growing. I think the adoption is here to stay and we're not seeing it plateauing in the near future,” Sazon said.
GCash is the undisputed leader in Philippine fintech operated by Mynt. It is a financial super app with a full suite of services including cash loans and buy-now-pay-later products. GCash is the lone double unicorn in the Philippines valued at over $2 billion.