GCash cements fintech innovation thrust in the Philippines
GCash, the number 1 mobile wallet in the Philippines, continues to be a rising star in Asia as it sets the bar higher for fintech innovation in the region. The company achieved unprecedented growth as it saw an exponential increase in its number of users from 20 million in January 2020 to 46 million in June 2021. The app also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.
This year, GCash processed an average of PHP 300 billion in monthly transactions, and is on track in breaching its PHP 3 trillion Gross Transaction Value (GTV) target. The company boasts of its wide network of more than 2.5 million merchant partners and social sellers via its QR and P2P features, enabling the app to cater to a diverse set of stakeholders in the country. As one out of every 3 Filipinos is now using the app, GCash sets its eyes on achieving more game changing milestones to uplift the lives of many and contribute to building an even stronger and more robust Philippine economy.
With its clear vision of promoting financial inclusion for all, GCash has quickly adapted to the needs of the Filipino people by being a digital payment essential for individuals and entrepreneurs, especially during the pandemic. The company has launched trailblazing products and programs to reach out to more sectors in the country, including underserved and vulnerable groups like overseas workers, the youth, small businesses and even market vendors and cab/tricycle drivers. The top mobile wallet company worked with the Philippine government last year and became its financial aid tool for communities affected by COVID 19, disbursing over P16 billion to more than 2 million Filipinos. It was likewise able to raise over P40 million in donations via digital bayanihan or resource mobilisation, helping at least 3 million Filipinos impacted by typhoons and other calamities.
A fast-rising regional fintech brand
The fintech brand was recently included in the Top 100 Brands in the Philippines, according to Campaign Asia-Pacific and NielsenIQ. GCash is also one of Asia’s top 1,000 brands this 2021.
Asia’s Top 1000 Brands is a consumer opinion survey across 14 markets in Asia-Pacific and measures brand preference in 15 product/service categories. It shows brands that are succeeding with their marketing and brand-building efforts and reveals the favorite brands among consumers. This year’s study saw the changing consumer behavior among brands and their increasing digital services.
“We are honored to be part of the top brands in the Philippines and in Asia. This award further inspires us to continue with our mission to empower as many Filipinos as possible by giving them access to digital financial solutions that can make their lives better and more convenient especially during this pandemic,” said Martha Sazon, President and CEO of GCash.