GCash reaches PHP 500B gross transaction value in March 2022

GCash has announced that it has breached the PHP 500-billion mark in Gross Transaction Value in March 2022 alone.

GCash also reports that its users are now 5x larger than the competition, with daily logins and transactions of up to 29 million and 19 million, respectively, and that 83% of the Philippine adult population, or 60 million Filipinos, already have a GCash account.

It also reports that its GSave savings account now has 5.3 million depositors, while investment marketplace, GInvest has 3 million registered users representing 77% of the Unit Investment Trust Fund (UITF) accounts in the Philippines.

GCredit, the first foray of GCash into digital lending, has provided PHP 29 billion worth of credit lines to qualified users since its launch in 2018, while quick cash loan platform, GLoan, has handed out PHP 2.2 billion worth of loans in just ten months of operations.

Meanwhile, GGives, a “buy now, pay later” proposition, has disbursed PHP 130 million in partnership with 85,000 merchants since its accessible installment offer was introduced in December 2021.

To maintain its position as the largest cashless ecosystem in the Philippines and offer the most touchpoints for the users, GCash expanded its cash in and cash out outlets to 232,000, 5.5X higher year on year.

“Across the financial services landscape, we partnered with and are trusted by the most innovative and biggest market players, from savings, investment, insurance to lending, as we change the game and democratize financial access to Filipinos. Our goal is to let people know that these services are not just for the privileged but for everyone,” said Martha Sazon, GCash President and CEO.

“GCash remains the leader in terms of users, usage, and the ecosystem around it. We’re able to do this while achieving profitability through multiple revenue streams. This is a feat that only a handful of fintech companies in the world have been able to achieve.”

Source: Yugatech