MANILA - Overall transaction volume ballooned 1,000 percent in August, mobile wallet GCash said Thursday, as more Filipinos tap digital tools due to the coronavirus pandemic.
In a statement, GCash said monthly active users of the "send money" service surged 400 percent year-on-year in August while peer-to-peer money transfer transactions rose 500 percent.
"This led to overall transaction volume ballooning to over 1,000 percent for the same comparative period," the operator said.
“During the COVID-19 pandemic, Filipinos find that GCash Send Money is the easiest and fastest way to transfer money -- whether it is for sending or remitting money to loved ones or doing payments to online merchants or other small and medium enterprises,” GCash president Martha Sazon said.
Consumers can use the app to send money in various ways such as bank transfer and express send, it said. GCash said it also has partnerships with global remittance centers.
Send money is still the most used service, it added.
It has measures to protect transactions such as KYCs and users are encouraged to validate transactions to avoid errors.
The Bangko Sentral ng Pilipinas has urged Filipinos to use digital platforms to lower the risk of exposure to COVID-19. It has since relaxed and waived fees to lure consumers to use online payments.