Facebook Pixel GCash | The Philippine Star - newspaper - इस कहानी को Magzter.com पर पढ़ें

कोशिश गोल्ड - मुक्त

GCash

The Philippine Star

|

November 12, 2024

VIRTUAL REALITY

- TONY LOPEZ

GCash

Cash is a phenomenon. GCash is now the Philippines' largest money transfer service, the most popular Filipino finance app, the largest virtual bank and the biggest cashless ecosystem. GCash has become the ultimate financial inclusion tool benefitting adult Filipinos who have no bank account but have one or even two cellular phones. GCash has also gone into digital lending.

What the Bangko Sentral ng Pilipinas has been trying to achieve in the past 30 years, GCash did in just three years - involve at least 80 percent of adult Filipinos to have a financial or bank account.

GCash's furious growth came after Martha Sazon became its president and CEO in June 2020 just as COVID was beginning to maraud across the archipelago with the worst epidemic of the century. The epidemic triggered an urgent need for contactless, cashless and retail digital financial services. GCash is now larger than most of the Philippines' 30 commercial banks, and will make them irrelevant soon.

Launched in 2004, GCash has had over 94 million adult users with total value of transactions hitting P1.5 trillion, up from just P500 million in March 2022. About 57 percent of users are women. Most users are middle or low income. GCash has become a habit, but not nefarious like smoking.

GCash is the first and only Philippine pentacorn. GCash valuation has hit $5 billion, more than double from its $2-billion value in 2023. The $5 billion was reached after Japan's largest lender, Mitsubishi UFJ Financial Group, acquired an eight percent stake for $393 million in early August 2024. Mynt also owns Fuse, a lending app.

The e-wallet enables users to make and collect payments, shop here and abroad (in more than 16 countries and territories) and avail themselves of services like credit, remittances and investments.

The Philippine Star

यह कहानी The Philippine Star के November 12, 2024 संस्करण से ली गई है।

हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।

क्या आप पहले से ही ग्राहक हैं?

The Philippine Star से और कहानियाँ

The Philippine Star

The Philippine Star

TIPPING ETIQUETTE AMONG EATING BUDDIES

Filipinos are incorrigible foodies.

time to read

4 mins

March 07, 2026

The Philippine Star

The Philippine Star

FROM COLLEGE SWEETHEARTS TO FOREVER

Under a veil of anticipation and romance, lawyer Luis Pascua staged a most heartwarming surprise proposal for his beloved girlfriend, Clarisse Reyes, at the elegant Speakeasy of The Peak restaurant at Grand Hyatt Manila in Bonifacio Global City, Taguig City.

time to read

1 min

March 07, 2026

The Philippine Star

The Philippine Star

US embassy warns of protests against Americans

American nationals in the Philippines have been advised to be cautious of possible protest actions or demonstrations amid the ongoing conflict in the Middle East.

time to read

1 min

March 07, 2026

The Philippine Star

Britney Spears arrested for 'driving while intoxicated'

Pop superstar Britney Spears was released from police custody on Thursday morning after being arrested on suspicion of driving while intoxicated near Los Angeles, according to legal filings and US media reports.

time to read

1 min

March 07, 2026

The Philippine Star

DENR chief vows responsible environment management

Acting Department of Environment and Natural Resources chief Juan Miguel Cuna has vowed responsible management of the environment as he takes over the leadership of the agency.

time to read

1 min

March 07, 2026

The Philippine Star

LeBron breaks field goal record

LeBron James broke the record for most field goals made in NBA history Thursday, though the latest milestone in his glittering career did not stop the Los Angeles Lakers from crashing 120-113 to the Denver Nuggets.

time to read

1 min

March 07, 2026

The Philippine Star

QC opens water testing lab

The Quezon City government has opened its own water testing laboratory to ensure the safety and quality of water used in households across the city.

time to read

1 min

March 07, 2026

The Philippine Star

Bastardizing the Constitution

You do not need a lawyer to grasp the command. Article II, Section 26 of the 1987 Constitution orders the State to guarantee equal access to opportunities for public service and to prohibit political dynasties as defined by law.

time to read

4 mins

March 07, 2026

The Philippine Star

NBI summons ex-Marines, others over bagmen claims

The National Bureau of Investigation (NBI) has issued subpoenas to former lawmaker Mike Defensor, lawyer Levito Baligod and 18 men, mostly former Marines who claimed that they delivered suitcases of cash to several people on orders of former House appropriations committee chair Zaldy Co.

time to read

1 min

March 07, 2026

The Philippine Star

'Summer Crawl' brings beach market vibes to Greenhills, Estancia and Megamall

Kultura Filipino holds its much-anticipated Summer Crawl, happening across some of Metro Manila's favorite shopping destinations.

time to read

2 mins

March 07, 2026

Listen

Translate

Share

-
+

Change font size