2020 is a great year for GCash as it maintained its position as the top mobile wallet app in the country, plus a record number of transactions posted on that year alone.
The Ayala-backed FinTech service exceeded its 2020 business targets, one of which is hitting its PHP 1 trillion transaction commitment earlier this year — an impressive 254% YoY growth — while it continues to empower millions of Filipinos with digital financial tools and services that helped them adapt into the new normal.
The service peaked at PHP 7.5 billion daily gross transaction value, and more than 6 million transactions a day. Meanwhile, its customer base ballooned to more than 33 million — a third of the Philippines’ national population — coming from 20 million in 2019.
“The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn’t just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently,” said Martha Sazon, President and CEO of GCash.
Sazon credits the exponential growth of the mobile wallet firm thanks to people’s readiness to shift to cashless, consumers finding fintech a necessity during the pandemic, and by providing consumers a great journey within the GCash ecosystem, making financial services as easy as messaging. The growth is driven by an unprecedented surge in usage in GCash to GCash money transfers, bank transfers, online and offline cash-in services, and bills payments, all of which have become necessities during the pandemic.
According to data from App Annie, a third-party global app ranking firm, GCash has been definitively the number one mobile wallet in the country for eleven consecutive months this year: It widened the gap further in the number of active users, leading more than double than the next banking app, and almost three times the size of the next mobile wallet.
Their data also showed that the GCash app also overtook popular streaming and social services such as Netflix, Twitter, Grab, and TikTok. This reflects the Filipinos’ growing reliance on digital finance to manage their personal finances and to carry on with their daily lives while also staying safe with contactless transactions provided by fintech apps like GCash.