GCash, the leading mobile wallet in the Philippines, said that it recorded unprecedented growth in May, with transactions ballooning by 700 percent year on year, as demand for digital finance continues to soar amid the global health situation.
Globe Fintech Innovations (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom.
With the rise in digital services that need digital payment gateways, GCash posted a record spike in transactions last month. Bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada, and various other merchants surged by 700 percent during the period over last year.
Since the start of the community quarantines, Filipinos have turned to digital services, given the physical distancing and strict health protocols imposed by the government to curb the spread of COVID-19 in the country. Online marketplaces have become busier, and businesses have set up their own digital storefronts to continue operations.
Food delivery and online grocery shopping have become very popular, as well, and fund transfers through GCash, powered by Instapay, has likewise become a preferred mode of domestic remittance.
Martha Sazon, President and CEO, GCash
GCash is empowering Filipinos to do more with less through our best-in-class platform. Through GCash, we are helping stir up economic activity by bringing merchants and consumers closer, at least digitally. All these have helped drive the unprecedented growth that we saw in May.
