Technology

GCash in 2020: Mobile wallet catalyzes digital economy

The massive growth of GCash in 2020 shows how Filipinos have embraced digital finance and made the mobile wallet part of their new normal. Image credit: Globe Telecom
Image credit: Globe Telecom

The massive growth of GCash in 2020 shows how Filipinos have embraced digital finance and made the mobile wallet part of their new normal.

“GCash has played an integral role in keeping not only the economy going, but keeping Filipinos safe and sane during the pandemic. We’ve seen not only heads of households and young adults use the GCash app for their financial lifestyle, but even consumers that advocate a greener Philippines, in maximizing what our platform has to offer,” said GCash President and CEO Martha Sazon in a press statement.

Embracing GCash in 2020

GCash is committed to democratizing payments, and this was never more apparent than in a year full of challenges amid the COVID-19 pandemic.

Over Php 1 trillion in transactions have passed through the GCash app during 2020, peaking at a Php 7.5 billion daily gross transaction value, with more than six million transactions in a day. The mobile wallet company also grew its users to 33 million, a 65% growth versus last year.

Meanwhile, GCash Forest, the mobile wallet’s multi-awarded, gamified solution in reducing the nation’s carbon footprint, now has over 6.7 million users actively collecting carbon points, which in turn can secure the users an actual tree to be planted in select forest sheds in the country. 

Using technology for good

GCash is also revolutionizing the way Filipinos handle their money. As of November 2020, three million GSave accounts have been opened, demonstrating how banking behavior is shifting from traditional physical branch visits, to simply transferring to a digital savings account.

Lending is another example: Over Php 8 billion has been extended to more than 900,000 Filipinos in need of funds through the app’s GCredit service, disrupting existing processes for loans in the country. 

As a force for good, GCash users have donated more than Php 40 million in 2020 alone as relief to those who have been affected by COVID-19 and the typhoons near the end of the year through the mobile wallet’s corporate social responsibility initiative GCash for Good. Gone are the days when donations were only done through banks, with donors scanning deposit slips as proof of transactions. Once again, behavior has shifted from traditional to digital. 

How about you? Did you also embrace GCash in 2020?