GCash targets P2 trillion transactions in 2021

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GLOBE TELECOM, Inc. on Wednesday said its mobile wallet arm GCash is targeting to reach more than P2 trillion in transactions this year as consumer behavior continues to shift from traditional to digital.

“I believe the number that we are targeting in gross transaction value is over P2 trillion this year,” Globe President and Chief Executive Officer Ernest L. Cu said at the online summit of the Shareholders’ Association of the Philippines (SharePHIL).

Last year, the GCash app processed more than P1 trillion in transactions, according to Mr. Cu.

GCash saw 38 million registered users, over 1 million merchants and social sellers using the mobile wallet, and over 6.8 million daily transactions, he added.

In January, Globe Fintech Innovations, Inc. or Mynt, operator GCash, raised more than $175 million in fresh capital from investment firm Bow Wave Capital Management.

According to Globe, the fresh funding would “further spur the growth of financial inclusion and the digitization of payments and financial services in the country.” — Arjay L. Balinbin