Filipinos have become more concerned about securing their personal finances during the pandemic, latest data from GCash, the leader and preferred mobile wallet in the Philippines, showed.
GCash Save Money, the mobile-first savings product of GCash, saw total transactions skyrocketing by 900 percent year-on-year in July, reflecting that Filipinos are now more mindful of saving money during these trying times.
Boosted by an exponential increase in deposits and withdrawals, GCash Save Money has helped millions of Filipinos own a personal savings account right through their mobile phones.
“We’re happy to see that GCash Save Money is growing at an exponential rate even during these challenging times. As Filipinos are now becoming more conscious of handling and managing their finances, GCash Save Money empowers its users to have democratized access to a savings fund that could potentially safeguard them from emergencies,” said GCash president Martha Sazon.
GCash Save Money functions as a normal savings bank account but unlike traditional banking, opening a savings account with GCash Save Money removes the hassle of providing a long list of documents and going to a physical bank branch.
