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Is Cryptocurrency Coming to GCash? They're Looking Into It

They're 'evaluating options.'
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GCash said it was "evaluating options" on cryptocurrency trading with the goal of giving its 51 million users access to it "soonest", seeking to diversify further from being the Philippines' most widely-used digital wallet.

The joint venture between Globe Telecom and Chinese billionaire Jack Ma's Ant Financial hit gross transactions of P3 trillion in the second week of November, highlighting how Filipinos use the app to pay, transfer money and invest, said Martha Sazon, CEO of GCash parent Mynt.

Asked if GCash would allow cryptocurrency trading, Sazon told reporters: "We are currently evaluating our options to engage with platforms, but looking into providing access to our users soonest."

Speaking at Globe Telecom's earnings call, Sazon said GCash was seeing no slowdown in digital transactions even after looser quarantines allow people to move more freely. Stay-at-home orders at the start of the pandemic were one of the drivers of growth in e-commerce and digital payments.

Sazon also encouraged GCash users to use the GInvest feature, which allows them to invest a portion of their 13th Month Pay for as low as P50 or P1,000 in funds that have holdings in tech giants such as Google and Microsoft.

"GCash makes it very flexible for you, the access to cash when you need it. It's easy, everything is on your phone," Sazon said.

Sazon said GCash had no immediate plans of setting up a digital bank like rival PayMaya to keep a wide audience for its users. GCash is available to subscribers of Globe's rivals.

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GCash is an important part of Globe's portfolio, said the CEO of the Ayala-led telco, Ernest Cu.

"It demonstrates Globe's ability to scale businesses in adjacent business areas using our various assets inside the ecosystem," he said.

GCash has been profitable for four straight months this year and is one of the few fintech firms that is making money. It is "deeply ingrained in the daily lives of Filipinos," Sazon said.

From: Reportr.world.

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