Addition of Crypto Trading on GCash Being Looked Into

The range of financial products and services offered by the country’s prominent mobile wallet app GCash continues to expand as the possibility of incorporating cryptocurrency is being considered.

In particular, the company is looking into the feasibility of offering, buying, selling, and storing cryptocurrency said GCash president and chief executive officer Martha Sazon.

“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” explained Sazon.

“Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps,” she added.

Similar payment application giants such as PayPal and Square already have features that allow their users to buy and sell cryptocurrency.

As of end-April, there were over 40 million active accounts on the application making it the leading mobile wallet in the country. Sazon noted that at least 40% of Filipinos now have GCash, with active users utilizing the platform more than twice a day.

Additionally, GCash allows its users to shop, save, invest, get insurance coverage among its wide array of financial services. The app has 4 million accounts registered in GSave, which is a digital savings account. GInvest, on the other hand, has 1.4 million registered accounts as of end-April.

“We will continue to innovate and provide relevant and accessible financial services for all,” said Sazon.

Source: PhilStar