GCash posts record high transactions in May

MANILA, Philippines — Mobile wallet GCash posted a record spike in transactions last month as demand for digital finance continues to soar amid the global health situation.

GCash said bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada, as well as various other merchants surged by 700 percent in May compared to year ago level.

“The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus,” GCash president and chief executive officer Martha Sazon said.

“The steady uptrend on transactions using GCash shows that Filipinos are now becoming more dependent on digital solutions and they prefer to use the GCash platform to pay for these services,” she said.

According to GCash, online marketplaces have become busier and businesses have set up their own digital storefronts to continue operations following the implementation of the community quarantine.

It said food delivery and online grocery shopping have also become very popular, and fund transfers through GCash, powered by Instapay, has likewise become a preferred mode of domestic remittance.

“GCash is empowering Filipinos to do more with less through our best-in-class platform. Through GCash, we are helping stir up economic activity by bringing merchants and consumers closer, at least digitally,” Sazon said.

Since last month, GCash said it has been the top finance app in both Android and iOS, and has consistently been included in the list of top apps next only to social media app TikTok and social conferencing app Zoom.

GCash has enebled beneficiaries of the social amelioration program to use their GCash wallets to receive their financial assistance from the Department of Social Welfare and Development (DSWD).

It is also processing the financial aid of the local governments of Makati, Quezon City and Pasig to disburse their own supplemental cash assistance to their residents.

“All these have helped drive the unprecedented growth that we saw in May. We expect to continue riding this momentum as we further innovate and enhance our offers to provide more digital financial services to Filipinos,” Sazon said.