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Globe targets 10M GCash subscribers by 2018
Globe Fintech Innovations Inc. (Mynt) expects to double its subscriber base by next year, fueled by a scan-to-pay program in Ayala-operated malls.
In a press conference in Makati City on Wednesday, Mynt chief executive officer Albert Tinio said the company expects to reach a 10-million subscriber from five million users.
"If we have about five million now, we see maybe ... double that," he told reporters.
The company also launched on Wednesday the scan-to-pay program, enabling GCash subscribers to pay retailers at Ayala Malls on cashless basis.
"A susbcriber or a GCash user can take out his phone, scan the QR code, and pay. All that happens in a span of 10 to 20 seconds. It's a good as cash but more quick, more secure than cash," Tinio said.
"By November 11, all of the merchants or most of the merchants will be accepting GCash in Glorietta 4. By the end of the year, maybe 4,000 merchants from our current of about 700 now," he added.
Out of the 5 million GCash subscribers, 600,000 to 630,000 users are active at any given time, the company said.
"We do about—on a monthly basis—P6-billion worth of transactions in and out of GCash. That's more or less where we are right now," Tinio said.
Mynt partnered with Chinese billionaire Jack Ma's Ant Financial Services Group, acquiring a "substantial minority interest" in the Philippine company.
"What Ant is introducing, they're sharing 'yung experience nila. With their 450 million users (in China), they must have learned a lot of lessons. We benefit from that experience," Tinio said Wednesday.
He did not elaborate on the financial aspects of the deal, but said that among the knowledge passed on by Ant Financial to Mynt was the scan-to-pay program.
Base on what Ant Financial learned from their experience in China, Tinio said Globe made tweaks and adjustments on the GCash mobile application. — VDS, GMA News
