GCash says more Filipinos signup to save, invest as userbase grows to 40 million

ABS-CBN News

Posted at May 07 2021 02:36 PM

GCash says more Filipinos signup to save, invest as userbase grows to 40 million 1
A user shows GCash's bills payment interface. Handout


MANILA - Over 40 million Filipinos have GCash accounts as of the end of April, giving them access to other financial services such as investments, insurance and savings via the mobile app, the operator said Friday.

One-third of its active monthly users are subscribed to at least one financial product, GCash operator Mynt president and CEO Martha Sazon said in a virtual press briefing. 

Some 4 million users have a savings account as of end-April, Sazon said. GCash said as of end-March there are 1.2 million active credit lines using its GCredit feature and that it has disbursed P12 billion through this.

The mobile wallet also helped triple the Unit Investment Trust Fund (UITF) accounts in the country with at least 1.2 million users investing through GInvest, she said. 

GInvest's initial product offered investments for as low as P50, while its recently launched products that enabled Filipinos to invest in global brands such as Apple, Microsoft, Alibaba, Amazon, Alphabet, Nintendo and more, which require an initial P1,000 investment, Sazon said. 

Investments posted a “record growth” P15 million in average daily buy value in April, Sazon said.

"The pandemic has highlighted the demand for safe and convenient digital transfers. As a lifeline to many Filipinos, we will continue to innovate and provide relevant and accessible financing services for all," Sazon said.

Filipinos are also signing up for health and insurance policies through the app with over 265,000 policies as of end-April using GInsure, the operator said. 

Sazon said GCash services would also be available for Filipinos abroad this year to make remittances and other financial services "as frictionless as possible."

Filipino have relied on online channels, including mobile wallets, to conduct financial transactions during the COVID-19 pandemic. 

In its digital transformation roadmap, the Bangko Sentral ng Pilipinas aims to grow digital payments to 50 percent by 2023.

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