financial technology

GCash hits record P500 billion in gross transaction value in March 2022

Gelo Gonzales
GCash hits record P500 billion in gross transaction value in March 2022
Most recent figures show GCash has 60 million users as of May 2022 while PayMaya – now called Maya – has 47 million as of end of March 2022

MANILA, Philippines – GCash parent company Globe on Monday, June 6, announced it hit a record P500 billion in gross transaction value in March 2022 for all transactions made through the GCash app.

The figure represents all types of transactions in the app, which includes bank transfers, person-to-person transfers, and other services like insurance product GInsure, credit line GCredit, and savings account GSave.

Globe said that it currently has 29 million daily log-ins and 19 million daily transactions. These figures for active users, Globe said, is “now 5x larger than the next e-wallet.” The latest numbers in terms of registered users show GCash with 60 million users as of May 2022, and PayMaya, now called Maya, with 47 million as of end of March 2022.

GCash provided statistics for its other services aside from its popular digital money transfers:

  • GSave savings account now has 5.3 million depositers
  • Investment product marketplace GInvest has 3 million registered users-
  • GCredit has lent about P29 billion worth of credit lines since launching in 2018
  • GLoan has provided P2.2 billion worth of loans in the ten months it has been operating
  • GGives, a buy-now-pay-later installment program, has disbursed P130 million across 85,000 partner merchants since being introduced in December 2021

GCash said it has also increased cash-in and cash-out GCash outlets to 232,000, which it says is 5.5 times higher year-on-year. Its merchant and seller base has also now increased to 5 million, which it says is 2.7 times larger than the first quarter of last year. It says it expects to end the year at positive profitability.

“Across the financial services landscape, we partnered with and are trusted by the most innovative and biggest market players, from savings, investment, insurance to lending, as we change the game and democratize financial access to Filipinos. Our goal is to let people know that these services are not just for the privileged but for everyone,” said Martha Sazon, GCash president and CEO. – Rappler.com

Gelo Gonzales

Gelo Gonzales is Rappler’s technology editor. He covers consumer electronics, social media, emerging tech, and video games.