MANILA - Mobile wallet provider GCash said Thursday it expects to handle at least P1 trillion in transactions by the end of the year as the COVID-19 pandemic alters consumer and financial behaviors.
Safety protocols and limited mobility meant to curb the spread of the disease have "changed" how financial transactions are done, GCash said in a statement.
Savings, cash-in, fund transfers, bank transfers and online payments have driven transaction volumes up in the past few months, it said.
“When the community quarantine was imposed earlier this year, we at GCash saw an exponential increase in the number of transactions. Our P1 trillion forecast by the end of the year goes to show how relevant our services have been in helping Filipinos amidst the pandemic,” GCash president Martha Sazon said.
“Under the new normal, digital payment services have helped keep the economy going. From something borne out of convenience, mobile wallets like GCash are now a necessity to thrive under the digital economy, whether you’re a customer or a merchant,” Sazon said.
Online services and fintech can also help "flatten the curve" by encouraging people to stay at home and do their tasks remotely, she said.
Health experts worldwide have encouraged the use of contactless and cashless payments as opposed to handling cash to lessen the risk of exposure to COVID-19.
GCash said it has about 86,000 partner merchants, and users can transfer money to over 40 banks.
The platform has all-mobile savings, investments and recently insurance features that consumers can access using just their devices.