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E-Wallet GCash Reports Over P1 Trillion Transactions in 2020

The popular e-wallet has helped transition the country to a cashless, contactless, and digital financial reality.  
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The increased adoption of fintech services is one of the positive things that happened last year. As the pandemic kept Filipinos mostly in their homes, people were forced to rethink how to shop for goods, pay bills, transfer money to relatives, and even borrow money, all of which lead to the rise of digital transactions. 

Reflecting the new ways you handle money, e-wallet GCash shares its stellar numbers for 2020. The mobile wallet recorded over P1 trillion transactions last year, with a high of P7.5 billion daily gross transaction value and more than six million transactions in a day. You may have also been part of its 33 million users in 2020, which is a 65-percent growth versus the preceding year.

This is good news as the stats place the Philippines closer and closer to a contactless and cashless reality—something other countries have already realized. It’s also in line with Bangko Sentral ng Pilipinas’ digital transformation goals of shifting 50 percent of retail payment transactions to digital and having 70 percent of Filipinos own an e-wallet by 2023.

Filipinos spent P6 billion on e-commerce sites via GCash

GCash shares how Filipinos spent, saved, and borrowed money in 2020. For shopping, buyers spent over P6 billion on e-commerce websites, while over 600,000 merchants and online sellers, who set up shop during the pandemic, chose the mobile wallet as their primary mode of payment.

Banking services also moved from on-site, as in visiting the branch, to digital transactions. The company reports that, as of November 2020, three million GSave accounts were opened, while over P8 billion was loaned to more than 900,000 Filipinos through GCredit in 2020.

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Filipinos used the mobile wallet to donate over P40 million for relief

Martha Sazon, president and CEO of GCash, also points out how the mobile wallet has kept “…Filipinos safe and sane during the pandemic,” as its users donated more than P40 million for COVID-19 and typhoon relief last year.

Also interesting is the GCash Forest, which now has over 6.7 million users collecting green energy points, which can be used to plant a tree in forest sheds. The World Wide Fund for Nature Philippines recently completed the reforestation of 75 hectares in Ipo Watershed through the adopted trees of GCash Forest. Take a look at all that green here. See, exercising your e-wallet is never a bad thing.

gcash.com

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Clifford Olanday
Editor in Chief, Esquire Philippines
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