GCash now has more than 60 million registered users.
GCASH — The Ayala-led fintech company said on Tuesday that it has reached a milestone with more than 60 million registered users nationwide.
GCash president and CEO Martha Sazon, who was recently recognized as a Master Innovator for Digital Transformation Innovation during the 2nd Annual Mansmith Innovation Awards and Summit, said they are still the undisputed fintech leader in the Philippines and now cover 83% of the country’s adult population.
Sazon added that they vow to continue providing reliable service to their customers and innovate to deliver their fintech and lifestyle needs. She also said that they see an increased use of mobile wallets as people embrace e-commerce.
“With GCash, the unbanked and underserved population are finally empowered,” Sazon said.
Likewise, the company said that it now has more than 5 million merchants and social sellers accepting digital money transfers or payments.
The fintech company is operated by Mynt under Globe’s corporate venture builder 917Ventures. GCash said that it currently records 29 million daily logins, with a peak in daily transactions at 19 million.
GCash has a full suite of financial services such as money transfers, savings, e-commerce, insurance, investment, and just recently, cash loan and “buy now, pay later” products.
Since its launch in 2004, the company became widely adopted by the public during the coronavirus pandemic because of increased digitalization as mobility restrictions gave rise to cashless transactions as consumer behavior shifted.
GMA News Online reported that GCash is the Philippines’ lone double unicorn startup with a USD 2 billion valuation.