GCash backs BSP drive to boost cashless transactions

MANILA, Philippines — Mobile wallet GCash has expressed support to the Bangko Sentral ng Pilipinas (BSP)’s higher target for the share of cashless transactions in the country by next year.

“We at GCash have always been at the forefront of the digital financial revolution in the Philippines. As a proud partner of the government, we are leading the financial technology (fintech) industry into the future where digital finance will be part of the daily routines of Filipinos,” GCash president Anthony Thomas said.

BSP Governor Benjamin Diokno said the central bank aims to increase the share of cashless transactions to 30 percent from the original 20 percent target by 2020 as the government beefs up efforts to promote digital finance to more Filipinos.

“As the leading fintech platform in the Philippines, we remain steadfast in our commitment to providing finance for all, while delivering the best possible financial services at the most convenient and affordable manner,” Thomas said.

From digital wallets, electronic bills payments, savings, investment to credit, GCash enables 20 million Filipinos to participate in the digital economy.

The GCash app is helping drive the volume of digital transactions in the Philippines, while providing greater convenience and value to Filipino consumers.

“Over the past few years, we have widened our pioneering digital wallet to become an everyday financial lifestyle app that enables Filipinos to participate in and unlock the benefits of the digital economy,” Thomas said.

GCash, which is operated by Globe Fintech Innovations Inc. (Mynt), has 20 million registered users, overtaking the total number of credit card holders, and over 63,000 partner merchants nationwide to make financial transactions easier for Filipinos.

Mynt is owned by Globe Telecom Inc., Ayala Corp. and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.