Mobile wallet giant GCash of the Ayala Group expects to finish 2022 with transaction value of P6 trillion, higher than the proposed national government budget of P5.268 trillion.
The rise in transaction value is due to the steep increase in user engagement despite the gradual return to normal of the economy.
GCash said its gross transaction value already breached the P3-trillion mark from January to June, nearly matching the P3.8 trillion recorded in full year 2021.
The P6 trillion gross transaction value expected by yearend is almost double last year’s level, and six times more than 2020.
“We’ve seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” GCash president/CEO Martha Sazon said.
GCash had 66 million registered users as of end-June, with four out of five adults in the country having a GCash account.
It likewise has 5.2 million merchants and social sellers, and 339,000 cash-in and cash-out outlets.
In 2021, GCash said it served over 40 percent of the population.
A product of Mynt, formerly Globe Fintech Innovations, a wholly-owned subsidiary of Globe Telecom, the mobile wallet allows Filipinos to make quick and affordable payments.
Sazon revealed then that the company had been considering digital currencies for some time now. It intends to allow its users to easily buy, sell and store their digital currencies via its platform.
“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” Sazon said.
GCash, if it eventually integrates digital currencies, will be in good company. Several other larger mobile and web payment companies have dipped their toes in digital currencies as well. In the US, Square, PayPal and now Venmo have all integrated digital currencies. Digital challenger banks like Revolut in the U.K. and even stock trading platforms like Robinhood have also made it possible to seamlessly buy and sell digital currencies on their platforms, blogger Steve Kaaru said.
Sazon stated, “Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps.”
Sazon told Star that one-third of the 40 million Filipino clients go beyond simple payments and have subscribed to at least one financial product, ranging from GInvest, which allows them to invest for as low at P50 to GInsure, an affordable insurance coverage.
Sazon concluded, “We will continue to innovate and provide relevant and accessible financial services for all.”