GCash reports 700% increase in transactions last May
GCash transactions up by 700% year-on-year last May
MANILA – GCash, one of the most preferred mobile wallets in the country reported unprecedented growth last month, with transactions reaching 700 percent year-on-year as the demand for digital finance continues to increase with the COVID-19 pandemic.
In a statement today, Globe said with the rise in digital services in need of digital payment gateways, GCash posted a record spike in transactions last month. Bank cash-in including Instapay, as well as online payments to Google, Apple, Lazada and other merchants increased by 700 percent during the period compared to last year’s transactions.
“The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use GCash platformto pay for these services, GCash President and CEO Martha Sazon said.
From the beginning of the lockdown, Filipinos turned to digital services, given the physical distancing and struct health protocols imposed by the national government to prevent the spread of COVID-19 in the country. Online marketplaces have become busier, and business have set up their own digital storefronts to continue their operations.
Food delivery and online grocery shopping have become popular as well as fund transfers through GCash, powered by Instapay has become a preferred mode of domestic remittance.
Ms. Sazon said through their GCash, merchants and consumers have become closer, at the very least, digitally.
GCash has also supported the national government’s Social Amelioration Program (SAP) where beneficiaries use their GCash wallets to receive their needed financial assistance from the Department of Social Welfare and Development. They are also processing financial aid of the local governments of Makati, Quezon City and Pasig to disburse their own supplemental cash assistance to their residents.
Globe Fintech Innovations, Inc. (Mynt), which operates GCash, is part of 917Ventures, the largest corporate incubator in the Philippines, wholly owned by Globe Telecom Inc. (Melo M. Acuña)