GCash to expand

MANILA, Philippines — Mobile wallet giant GCash is looking at further expanding its portfolio of financial services as it aims to double the value of transactions it processed last year.

“For other growth opportunities, financial services sector is very promising. There’s a lot to offer there,” GCash president and CEO Martha Sazon said.

“We’re expanding our lending portfolio so expect to see more of that in the coming months. We’ve seen its success in the last two months. We’re adding more services,” she said.

Sazon said GCash would also be partnering with more banks this year.

“We continue to tap new segments, and the first of that is our campaign to help OFWs,” she said.

GCash, operated by Globe Fintech Innovations Inc., expects its gross transaction value to hit over P2 trillion this year from P1 trillion in 2020.

Globe president and CEO Ernest Cu said GCash has become an extension of the Filipino digital life and has become ubiquitous with the needs that have arisen during the pandemic.

“We crossed P1 trillion in 2020 and we hope that the value keeps going up because that means people are really transacting over our platform,” Cu said.

GCash users have reached 40 million accounts as of end-April, giving them access to other financial services such as investments, insurance and savings via the mobile app.

The platform has over 1.6 million merchants and social sellers to date.

GCash previously penetrated unserved market segments such as fisherfolks, tricycle drivers and market vendors.

It also helped distribute P16 billion to more than two million beneficiaries under the government’s social amelioration program.

“Filipinos deserve to have more ways to protect and grow their money, especially during these difficult times that we are in. At GCash, everyday we strive towards financial inclusion and freedom for all,” Sazon said.