GCash gross transactions hit P3.8T in 2021

Mobile wallet GCash, operated by Globe Telecom-backed Mynt, has more than tripled its gross transactions to P3.8 trillion last year from P1.2 trillion in 2020.

In a statement, Globe said GCash closed 2021 with 55 million registered users, 4.5 million merchants and social sellers, 290 GLife merchant partners, and around 174,000 cash-in and cashout agents.

GCash also became the only double unicorn in the Philippines, reaching a valuation of over $2 billion.

For this year, the telco said GCash sees further expansion as it introduces more services aimed at providing innovative solutions for daily needs.

“Filipinos are increasingly adopting digital, including fintech, and those who are using it are actually very happy and entrenched… GCash has even become a verb. People say ‘paki-GCash mo na,’ and we see that the behavior formed during the lockdown is sustained even as the economy opens up,” said GCash president and CEO Martha Sazon.

Sazon said their priority is "to take further steps towards our vision of finance for all."

"This means disrupting traditional financial services by providing the unbanked segment of the country access to credit through game-changing products like GLoan and GGives, where we’ve had really positive initial results. And the momentum, we see it building up,” she said.

GCash is also planning to expand its investment products to cover cryptocurrencies and stock trading, according to Globe.

GCash is one of the portfolio companies under 917Ventures, Globe’s wholly-owned corporate venture builder. — VBL, GMA News