More Filipinos have gone cashless during the pandemic with GCash, the leading mobile wallet in the Philippines, emerging as the top finance app for both Android and iOS devices, reflecting the growing reliance of people on digital finance for the management of their personal finances.
For iOS, GCash topped the finance division in the App Store and ranked second after Zoom Cloud Meetings on its free apps list.
“The national health situation has caused more Filipinos to be mindful of their personal finances. As a powerful tool that provides financial services to the masses, GCash is enabling its users to manage their personal finance better than traditional means,” GCash Chief Technology and Operating Officer Pebbles Sy said.
Global Web Index, which surveyed people on how they foresee the impact of the situation on their personal finances, found that 65 percent of Filipinos surveyed believed that the pandemic will have a huge impact on their personal finances, while 15.7 percent believe that the effect could be even greater.
As a mobile wallet, GCash allows users to pay for their digital and physical transactions through the GCash app. GCash also allows users to pay their bills, buy airtime load, and transfer funds to any GCash account or to other banks.
“We have seen tremendous growth in terms of volumes of transactions in our platform during the community quarantines. We saw people transacting with merchants physically through QR and Barcode, and digitally through money transfers. We also saw a lot of people donating to causes, one of which is our native fundraising drive called #FightCOVID19. Our platform has empowered more people in taking care of their personal finances,” Sy said.
“This is a reflection of how Filipinos are growing more trusting of digital finance, which we believe will be a huge player in implementing the so-called ‘new normal.’ Financial technology will serve as the bedrock of digital services — those that will empower Filipinos to do more with less,” Sy said.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc. GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.
