Digital Wallet Platform has Now Over 33M Users

Digital Wallet platform GCash now has grown to over 33 million users in the past year, with 1 out of 3 Filipinos using the app.

operator of GCash and a subsidiary of Globe Telecom Inc., Mynt, said in a statement on Monday that GCash enjoyed a 65 percent growth which saw the app have 33 million registered users, from 20 million users just in 2019.

The Gcash operator also added that the mobile wallet also exceeded their targets from 2020, with GCash averaging more than 6 million transactions per day.

“Being the preferred mobile wallet in the Philippines, GCash exceeded its targets last year with transaction value hitting over PHP1 trillion, peaking at a PHP7.5 billion daily gross transaction value, and with more than 6 million transactions in a day. Transactions include cash-ins, payments, banking, and money transfer, among others,” Mynt added.

Numerous factors come into play for the growth of digital, and mobile wallet apps and platforms in the Philippines, among these is the COVID-19 pandemic.

Furthermore, Bangko Sentral ng Pilipinas (BSP) is committed to transforming the country into a “cash-lite” economy by converting 50 percent of retail transactions to digital payment channels by 2023, which is part of BSP’s aim to make the Philippines a coinless country by 2025. (GFB)