GCash transactions surge 700% in May

MOBILE wallet GCash recorded unprecedented growth in May, with transactions ballooning by 700 percent year on year, as demand for digital finance continues to soar amid the global health situation.

With the rise in digital services that need digital payment gateways, GCash posted a record spike in transactions last month. Bank cash-in, which includes Instapay, and online payments to Google, Apple, Lazada and various other merchants surged by 700 percent during the period over last year.

“The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use the GCash platform to pay for these services,” said GCash president and chief executive officer Martha Sazon.

Since the start of the community quarantines, Filipinos have turned to digital services, given the physical distancing and strict health protocols imposed by the government to curb the spread of Covid-19 in the country.

Online marketplaces have become busier and businesses have set up their own digital storefronts to continue operations.

Food delivery and online grocery shopping have become very popular as well, and fund transfers through GCash, powered by Instapay, have likewise become a preferred mode of domestic remittance.

“GCash is empowering Filipinos to do more with less through our best-in-class platform. Through GCash, we are helping stir up economic activity by bringing merchants and consumers closer, at least digitally,” Sazon said.

GCash powers merchants, gov’t

From the onset of the pandemic, GCash has helped tens of thousands of merchants and even social sellers connect with their customers by providing them with a safe, secure and convenient mobile payments system.

GCash has also powered the national government’s Social Amelioration Program, allowing beneficiaries to use their GCash wallets to receive their financial assistance from the Department of Social Welfare and Development. (PR)