As the new normal pushes the economy to go cashless, GCash expects to handle at least P1 trillion in transactions by the end of 2020.
Safety protocols and limited mobility during the pandemic have changed the conventions of financial transactions at present and for the foreseeable future. Thus, GCash recorded an increase in volume of transactions in the past few months, driven by use cases such as Save Money, Bank Cash-In, Peer-to-Peer Transfers, Bank Transfer, and Online Payments.
“When the community quarantine was imposed earlier this year, we at GCash saw an exponential increase in the number of transactions. Our P1 trillion forecast by the end of the year goes to show how relevant our services have been in helping Filipinos amidst the pandemic,” GCash President Martha Sazon said.
With more people finding other ways to make money online, GCash has expanded its user community in a matter of months. Businesses of all sizes from big companies to microenterprises have set up their own accounts with GCash to reach a broader market.
“Under the new normal,digital payment services have helped keep the economy going. From something borne out of convenience, mobile wallets like GCash are now a necessity to thrive under the digital economy, whether you’re a customer or a merchant,” Sazon said.
Sazon also added that GCash has also been the chosen platform for numerous donation drives and philanthropic ventures. Social media communities have used their mobile wallets to help students earn money for materials for online learning or to deliver relief to jeepney drivers who lost their means of livelihood, among others.
Public services have also seen the bright side of going cashless and are now migrating into the digital space. GCash forged partnerships with different government agencies for the distribution of the Social Amelioration Program (SAP) cash assistance to beneficiaries affected by COVID-19. National agencies like the Department for Social Welfare and Development (DSWD) and the Land Transportation Franchising and Regulatory Board (LTFRB) and local government units such as Makati and Quezon City have tapped GCash for a more efficient distribution of financial aid.
“GCash is one with the government in its fight to flatten the curve through fintech. As our number of coronavirus cases continue to rise day by day, our services can help with the initiative to get everyone to stay at home and still do their daily tasks remotely,” Sazon said.
From a mobile wallet that wanted to provide greater convenience to Filipinos, GCash has become a financial lifestyle app that empowers users to do more with less. GCash enables its users to tap into necessary financial tools and services to cope with the effects of the pandemic.
GCash users may use their mobile wallets to buy airtime load, transfer money to their loved ones, transact with over 86,000 merchants, pay to more than 400 billers, and wire money to over 40 banks. Aside from these, GCash users may also use their mobile wallets to enjoy the best-in-the industry rates for savings accounts, to purchase affordable prepaid insurance, and to invest in money market funds.
GCash likewise provides users with a pioneering digital credit facility that allows users to extend their budgets, especially during these trying times.
Aside from consumers and government agencies, GCash also empowers merchants and businesses to thrive during the pandemic through its innovative digital financial solutions that brings merchants and consumers closer to each other.
“While we have one of the most comprehensive and inclusive digital financial platforms in the market, GCash believes that we can still unlock more solutions to make our lives more bearable during this crisis. We will continue to innovate and provide better solutions across all markets to help everyone cope with the pandemic and in turn, provide finance for all,” Sazon said.
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