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GCash Sees 100% Increase in User Base in One Year

The Filipino mobile wallet app GCash has expanded its user base to 40 million users – an almost 100% increase from January 2020 – through its continuous efforts in enabling finance for all. The app is currently utilsed by 1 in 3 Filipinos.

Martha Sazon, President and CEO, GCash
Martha Sazon, President and CEO, GCash

“As GCash became more and more indispensable in our daily routines, usage also grew. Customers now use our app more than two times daily, paying for food, utilities and online shopping,” shared GCash President and CEO Martha Sazon at the recently concluded GCash Futurecast 2021 event where the company unveiled new financial products and services for Filipinos. “We want to make a real difference in the lives of every Filipino and break the existing boundaries to enable financial freedom.

This is more crucial than ever amid the pandemic, which, among other things, calls for a cashless ecosystem for health and safety purposes, and for financial inclusion. To achieve this, GCash now allows its users to shop, save, invest, get insurance coverage, and more – all with the GCash app.

Consumers can now unlock their life goals at any stage with GInvest, the new easy investment feature found on the GCash app that lets you invest for as low as 50 pesos (around 73 pence) in professionally managed local and global funds.

The pandemic considered, users can also turn to GInsure to secure insurance coverage for medical emergencies such as dengue, Covid-19, and accidents, for as low as 300 pesos. Consumers can also get financial assistance via Cash For Medical Costs, and through the recently launched Cash For Income Loss due to any cause – all accessible through GInsure on the GCash app.

For easy money management, GSave is the fully digital, secure, and hassle-free savings account that was built in partnership with CIMB Bank. It’s fully accessible once the account is created and has no maintaining balance, no fees, and no initial deposit.

As a better alternative to high-interest loans and borrowing money for emergencies, GCredit serves as a fully verified personal credit line within the app. It can provide those with high GScores up to 30,000 pesos credit line and up to 3% prorated interest rate.

With GLife, an e-commerce feature within the app, users can shop and avail themselves of exclusive deals from a wide array of merchants including McDonald’s, Puregold and PureGO, Lazada, KFC, Hair MNL, Datablitz, Cherry Shop, Gameone, Goama Games, and more. Users and merchants alike can leverage the GCash payment system, making it an easier e-commerce experience for everyone, and making GCash the new super life app.

GCash has also introduced GCash QR on Demand. Users can easily generate their own GCash QR Code and use this in place of giving their GCash number for safe and hassle-free payments whether for personal use or for small businesses, without fear of “wrong sends” due to incorrect numbers or sending personal information.

Overseas Filipino Workers with a verified GCash account, can also now have access to the same products and services. They can cash into their own GCash wallet via international remittance partners, and remit those funds instantly on the app. Through GCash’s upcoming GPadala service, OFWs can also send money to a non-GCash user for cash pick up anywhere in the country.

As part of its holistic sustainability agenda for 2021-2025, GCash is one with the nation as it aligns itself with the UN‘s Sustainable Development Goals. Plans to make this happen include the Kaya Mo, GCash Mo Roadshow, the design and roll-out of Future-Ready Hackathons, and the launch of “GNA! IDEAS Para Sa Pinas”. This year, GCash continues to pursue collaborations to achieve even bigger things with efforts like GCash For Good and the GForest platform.

We want to make a real difference in the lives of every Filipino. We want to break the existing boundaries to enable financial freedom. We envision a Philippines where people have equal access to financial opportunities and lifestyle choices, where everyone, whether rich or poor, has an equal chance to achieve their dreams,” concluded Sazon.  

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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