Leading mobile wallet GCash saw money transfer volumes skyrocket by over 1,000 percent.
In August, as a result of the huge influx of Filipinos using the service during the pandemic., GCash recorded a remarkable 400-percent year-on-year surge in the monthly active users of the Send Money service with peer-to-peer money transfer transactions soaring by 500 percent. This led to overall transaction volume ballooning to over 1,000 percent for the same comparative period.
“During the COVID-19 pandemic, Filipinos find that GCash Send Money is the easiest and fastest way to transfer money — whether it is for sending or remitting money to loved ones or doing payments to online merchants or other small and medium enterprises,” GCash President Martha Sazon said.
A variety of Send Money features are available through the GCash app: Express Send, Bank Transfer, and sending money with photos to name a few. Whether or not the recipient has an active GCash subscription, money can still be sent from a person’s e-wallet to even their bank accounts. GCash can also accommodate global money transfers, receiving money from anyone abroad, such as Overseas Filipino Workers (OFW) who are stuck in quarantine which is made possible through the claim remittance feature.
GCash is in a global partnership with established remittance centers such as Western Union, MoneyGram, and other remittance centers from the United Arab Emirates (UAE), Taiwan, Hong Kong, South Korea, Japan, Australia, and the United Kingdom.
Send Money is the most used service in GCash.
“We are proud of what GCash Send Money has achieved so far, and this was bolstered by the Filipinos’ trust in our fast, easy, real-time, and safe transfers of their hard-earned money especially during these trying times,” Sazon said.
There are also special features of GCash which makes it reliable for transferring money for users. One of these is validating or showing the recipient’s names before sending it to prevent mistakes and transfer of money to the wrong users.
GCash has also made it easier for Filipinos to enjoy digital money transfer services by digitalizing the know-your-customer (KYC) process, which is one of the pain points for the traditional banking services.
“GCash is a mobile wallet powerhouse with its safeguards and right features that can easily fit into the lifestyle of every Filipino. We build trust with our users while continuously innovating to strengthen and enhance our services,” Sazon said.
At present, GCash has over 20 million users who enjoy not just the main e-wallet function of the app, but also all its overall features such as savings, investments, insurance, bills payment, and credit, among others.
“We are forced to grow, and be wiser and to adapt in this fast-changing environment in terms of how we function and how we deal with our everyday lives under the new normal. We at GCash want to help our country transition into an environment where we can settle everything using our phones. With all our services, GCash offers a hassle-free, convenient, safe, and secure way to manage our finances at the comforts of our home, in just a click away,” Sazon 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/.