Seven of 10 Filipinos have GCash account


SEVEN out of 10 Filipino adults have an account with GCash, the company behind the e-wallet application said last Tuesday.

Globe Fintech Innovations Inc. (GFII) said in a statement it has registered over 51 million users of GCash as of end-October, translating to 70 percent of the country’s adult population.

GFII added that the finance app has already breached an initial full-year target of P3 trillion in gross transaction value during the month, which is three-times more than last year’s record number. 

GCash’s user engagement also continued to grow, with the app being used on average more than 2.5 times a day by active users, the micropayment service operator added. Daily logins have likewise peaked at 23 million this year.

The rise of digital payments amid travel and movement restrictions buoyed electronic-wallet usage and take up since 2020, according to GFII.

“We continue to embed GCash in the everyday lives of our users, which has in turn cemented our status as the undisputed market leader,” GFII President and CEO Martha M. Sazon was quoted in the statement as saying.

“We are proud to report that we have recorded four straight months of profitability, making GCash one of the few fintechs [financial technology] around the world that has proven that it can make money while providing accessible financial services to the public,” she added.

GFII, a wholly-owned subsidiary of Globe Capital Venture Holdings Inc., recently announced that it had raised over $300 million in funding, valuing the company at over $2 billion.

“We are proud to be recognized as the country’s first tech unicorn―a double unicorn at that―validating Mynt [GFII] as the definitive fintech investment in the Philippines and quite possibly in the region,” Sazon said.

The latest investment round was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital, one of GFII’s existing investors.

The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe Telecom Inc. and Ayala Corp.

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