(SPOT.ph) GCash is life for millions of Filipinos here and abroad, only growing bigger every year even as the new normal emerges, proof that users will continue to embrace digital finance as long as convenient and evolving to cater to their needs. But just how big is GCash now?
GCash by the numbers
According to parent Globe's third quarter earnings report, GCash currently has 71 million registered users, or at least 63.9% of the Philippine population. That's more than the populations of Malaysia, Cambodia, Thailand, New Zealand, and South Korea. Even more than the entire United Kingdom with a population of 67.33 million in 2021.
The platform is also home to 5.5 million social sellers and merchants, along with 582 GLife merchant partners.
GCash has eclipsed its 2021 transaction value of P3.8 trillion with P4.8 trillion gross transactions this year—just P224 million away from the Philippines' P5.024 trillion national budget for 2022.
The mobile wallet saw a boom during the onset of the pandemic, providing Filipinos a contactless and cashless way to pay for necessities and life's daily transactions either at home or in the outside world.
Prior to the pandemic, the app mostly offered send and receive services, bank transfers, and bills payments. A spectrum of financial services launched in the past years such as GCash for kids, insurance, investments, and loans programs made the app an essential for millions of Filipinos.
International services also simplify spending in destination countries like Japan and Singapore where partner establishments can accept GCash payments via Alipay with in-house conversion fees.
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GCash is Globe's first unicorn
GCash is the telco's bet on tech, and they're eyeing to duplicate innovation and reach for their portfolio companies under its corporate incubator, 917 Ventures; for healthcare platforms KonsultaMD and HealthNow, digital media and creative ad-tech agency AdSpark, online grocery shopping platform Rappit, multi-channel messaging platform M360. Electronic Commerce Payments Inc. or more known as ECPay also reported growth as more merchants transition to digital payments.
It's also the first in the Globe group to reach unicorn status or $1 billion valuation, which doubled as of the third quarter of 2022.