GCash says it doubled user base to 40 million

Mobile wallet and fintech firm GCash on Wednesday said its user base has grown to 40 million to date, an almost 100% increase from more than 20 million users as of January 2020.

This is also a dramatic increase from 38 million users as of March this year.

In a statement, GCash said that currently, one in three Filipinos are using the app.

“As GCash became more and more indispensable in our daily routines, usage also grew. Customers now use our app more than two times daily, paying for food, utilities and online shopping,” said GCash president & CEO Martha Sazon.

The company said that the use of the mobile wallet has become more crucial than ever amid the pandemic, which, among other things, called for a cashless ecosystem for health and safety purposes and for financial inclusion.

To achieve its goal of further financial inclusion, GCash now allows its users to shop, save, invest, get insurance coverage, among others within its app.

The mobile wallet offers an investment package for as low as P50 in professionally managed local and global funds through an in-app feature GInvest.

Users can turn to GInsure for insurance coverage for medical emergencies such as dengue, COVID-19, and accidents for as low as P300.

Consumers can also get financial assistance via Cash For Medical Costs and Cash For Income Loss due to any cause accessible through GInsure on the app.

The app also allows its users to open a savings account through its GSave feature. The feature was built in partnership with CIMB Bank.

The GSave account has no maintaining balance, no fees, and no initial deposit.

As a better alternative to high interest loans and borrowing money for emergencies, GCash also introduced GCredit which serves as a fully-verified user’s personal credit line within the app.

It can provide those with high GScores up to P30,000 credit line and up to 3% prorated interest rate.

The app also has an e-commerce feature called G-Life, wherein users can shop and avail of exclusive deals from a wide array of merchants such as McDonald’s, Puregold and PureGO, Lazada, KFC, Hair MNL, Datablitz, Cherry Shop, Gameone, Goama Games, and more.

“We want to make a real difference in the lives of every Filipino. We want to break the existing boundaries to enable financial freedom. We envision a Philippines where people have equal access to financial opportunities and lifestyle choices, where everyone, whether rich or poor, have an equal chance to achieve their dreams,” Sazon said. —NB, GMA News