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MANILA, Philippines – The GCash mobile payments system had “unprecedented growth” in May, with the number of transactions up 700% year-on-year likely in part caused by the coronavirus pandemic, and the increasing need to pay digitally.
In a statement on Monday, June 22, GCash pointed to a record spike in transactions in May, as “Bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada, and various other merchants surged by 700% during the period over last year.”
GCash President and CEO Martha Sazon said the coronavirus was part of the shift.
She explained, “The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use the GCash platform to pay for these services.” – Rappler.com
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