GCash, the mobile wallet of Globe Telecom Inc., has recorded over P1 trillion in transactions earlier this year, a 254-percent growth year-on-year.
The service peaked to P7.5 billion in daily gross transaction value, and more than 6 million transactions a day.
Meanwhile, customer base ballooned to more than 33 million―a third of the Philippines population―from 20 million in 2019.
“The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn’t just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently,” GCash president and chief executive Martha Sazon said.
Sazon attributed the exponential growth of the mobile wallet firm to people’s readiness to shift to cashless. Consumers found fintech a necessity during the pandemic.
The growth is driven by an unprecedented surge in usage in GCash to GCash money transfers, bank transfers, online and offline cash-in services, and bills payments, all of which have become necessities during the pandemic.