MANILA - Mobile wallet and payments firm GCash on Tuesday said it exceeded its 2020 business targets, including hitting its P1 trillion transactions and growing its customer base to 33 milion users.
The Ayala-led fintech firm said this represented a 254 percent year-on-year growth in transactions.
"The service peaked at P7.5 billion daily gross transaction value, and more than 6 million transactions a day," the company said.
The customer base of GCash meanwhile grew to more than 33 million, which is around a third of the country's population, coming from 20 million in 2019, the company added.
“The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology,” said Martha Sazon, President and CEO of GCash.
Sazon said consumers saw fintech as a necessity during the pandemic, using GCash to make money transfers, bank transfers, online and offline cash-in services, and bills payments.
GCash said it has also enticed more than 3 million Filipinos to open their own savings accounts through the app's GSave feature as of November last year, and extended over P8 billion in loans through GCredit.