GCash to Expand Portfolio of Financial Services

GCash, the prominent mobile wallet app in the country, eyes to double the value of transactions it processed last year by expanding its financial services portfolio.

“For other growth opportunities, financial services sector is very promising. There’s a lot to offer there,” said Martha Sazon, GCash president and CEO.

“We’re expanding our lending portfolio so expect to see more of that in the coming months. We’ve seen its success in the last two months. We’re adding more services,” she added.

GCash also hopes to enter into partnerships with more banks throughout the year. The mobile wallet giant, primarily operated by Globe Fintech Innovations Inc., aims to reach over ₱2 trillion this year after hitting ₱1 trillion in 2020.

GCash has become an extension of the Filipino digital life and its use has become widespread especially during the pandemic said Globe President and CEO Ernest Cu.

“We crossed P1 trillion in 2020 and we hope that the value keeps going up because that means people are really transacting over our platform,” said Cu.

As of end-April, at least 40 million accounts have been made by users of the platform providing them with easy access to various financial services from their mobile phones. This includes previously unserved markets like fisherfolk, tricycle drivers, and market vendors.

At present, GCash is connected with over 1.6 million merchants and social sellers. It has also been helpful in distributing ₱16 billion of the government’s amelioration program to over two million beneficiaries.

“Filipinos deserve to have more ways to protect and grow their money, especially during these difficult times that we are in. At GCash, every day we strive towards financial inclusion and freedom for all,” Sazon explained.

Source: PhilStar