MANILA - GCash said it now processes around P300 billion in monthly transactions as registered users of the app reached around 46 million as of end-July.

The number of merchants and social sellers also increased to more than 2.5 million, the fintech firm added.

GCash said it expects to sustain its strong growth story and triple its gross transaction value target to over P3 trillion this year from over P1 trillion in 2020

“We are glad to see that GCash has become an extension of the Filipino digital life. It is our goal to democratize access to financial services because everyone deserves to have ways to protect and grow their money, especially during these difficult times,” said Martha Sazon, GCash president and CEO.

The Ayala-led fintech earlier said it finally made a profit in June, but remains focused on growth. It also downplayed calls to list on the stock market saying it doesn't need to do an IPO as it currently has no problems with fundraising.

• GCash in no hurry for IPO as e-wallet value thickens to $1-B, posts profit
• GCash secures $175-million funding from New York-based investors

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