GCash hits over PHP 1 trillion transactions in 2020

Mobile wallet GCash gained from the Coronavirus pandemic, exceeding its 2020 business targets. 

File photo: GCash shot

GCash exceeds 2020 targets

GCash said it hits its PHP 1 trillion transaction commitment, a whopping 254 percent year-on-year growth, as Filipinos continue to bank on digital payments as part of adapting to the new normal. 

It noted its service peaked at PHP 7.5 billion daily gross transaction value, also boasting over 6 million transactions a day. 

The customer base subsequently grew to more than 33 million compared to 20 million in 2019. 

The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn't just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently, said Martha Sazon, President and Chief Executive Officer of GCash.

Sazon stressed the company's success this year was buoyed by Filipinos' willingness to shift to cashless, realizing the convenience of paying digitally to avoid the deadly virus that limited people's movement and crippled majority parts of the world. 

Citing a report from App Annie, a third-party global app ranking firm, GCash has been definitively the number one mobile wallet in the country for eleven consecutive months this year.