GCash continues rapid expansion

MANILA, Philippines — Mobile wallet GCash continues to sustain its growth momentum from last year, paving the way to achieving profitability in the next few years.

GCash president and chief executive officer Martha Sazon said revenues of the company in April surged 5.3 times year-on-year, ending the month with over 40 million users.

“With the introduction of more relevant products and a larger ecosystem for our users to interact with, our revenues have grown 5.3 times year-on-year, creating a clear path to sustainability and steps to profitability,” Sazon said during the BusinessWorld economic forum.

“The pandemic highlighted the need for safe and convenient access to digital payments and transfers. GCash responded to this growing demand and cemented our position as the number one mobile wallet in the country,” she said.

Sazon said 40 percent of Filipinos now have a GCash account, with the app being used more than twice a day by its active users.

The official said a third of the app’s monthly active users are also subscribed to at least one of its financial services products.

“After ending with 33 million registered users in 2020, we have sustained our momentum with our user base growing to over 40 million by end-April 2021,” she said.

GCash, operated by Globe Fintech Innovations Inc. (Mynt), is coming from a record 2020 wherein more Filipinos turned to digital services due to the COVID-19 pandemic.