GCash, the leading e-wallet in the Philippines, maintained its market dominance as it finished the first nine months of the year with a gross transaction value of P4.8 trillion, surpassing the P3.8 trillion GTV it achieved for the entire year of 2021.
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| GCash Pera Outlet (PO) user interface shown on the smartphone of a Sari-Sari Store Owner |
GCash registered users increased from 66 million to an all-time high of 71 million from the previous quarter.
At the quarterly media briefing of GCash's parent company, Globe Group, Mynt Chief Financial Officer Tek Olao stated, "As of the end of September, 71 million Filipinos were using Gcash and trusting our platform." "We continue to observe a high level of user involvement, which is more evidence that we have been ingrained in the daily lives of Filipinos."
Olaño further underlined that "GCash continues to be the most popular finance app in the Philippines while sustaining constant profitability." According to the trustworthy third-party platform DATA.AI, the GCash active user base continues to be more than that of prominent social media sites and is five times larger than the next e-wallet.
Similarly, GCash has continued to increase its merchant and social seller base, which reached 5.5 million during the aforementioned period, which is 1.6 times greater than the same period in 2021. Olaño also disclosed that GCash has increased the number of cash-in and cash-out locations for its customers to more than 557,000, the highest number of digital touchpoints for any e-wallet in the country.
GLife, the e-commerce platform for GCash, has increased the number of its merchants to 582. These merchants offer a variety of products and services in areas such as content, health, insurance, and e-government.
Olaño stated that GCash intends to assist more Filipinos wherever they may be in the future. GCash has supported the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government's (DILG) Paleng-QR Ph program, which aims to make financial services more accessible to public market sellers and tricycle drivers.
In addition, he said that the e-wallet has taken steps to make its services available to Filipinos living abroad, utilizing its cooperation with regional financial powerhouse Alipay. Customers can use GCash to pay by QR code in Japan, Malaysia, Singapore, and, most recently, South Korea thanks to this cooperation.
Olaño stated, "We will continue to deliver on our promise of simplicity, dependability, and accessibility so that our consumers can confidently utilize our important financial services in accordance with our vision of Finance for All."
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