MANILA - Mobile wallet GCash said it has already booked P1 trillion worth of transactions this year as the COVID-19 pandemic pushed more Filipinos to adopt digital payments.
Martha Sazon, President and CEO of Mynt, which operates GCash, said safety protocols and limited mobility during the pandemic have changed the way people pay for products and services, “paving the way for a frictionless, cashless future.”
Sazon said GCash transactions this year have already surpassed the cumulative number of payments done through its system from 2017 to 2019.
GCash hit the P1-trillion mark earlier than expected, as it said in September that it expected to cross the threshold by the end of the year.
Sazon said GCash is used at least twice a day, every day by people who downloaded the app, and the service has registered “1,000 percent transaction growth in relevant use cases.”
“This was our vision for 2023, yet this was brought to life this year,” Sazon said during an online forum on financial technology or fintech.
Fintech firm Pera Hub President and CEO Ian Ocampo said the shift to digital transactions will also see the rise of “neo-banking.” Neobanks are banks that have fully digital services and have no physical branches.
“More startups will be able to bring in fintech advancements, which will benefit the nation as a whole. What will boost this further is the collaboration with the government.”
Finnovation senior digital financial advisor for the Philippines John Owens, meanwhile, lauded the Bangko Sentral ng Pilipinas for pushing fintech.
“The Philippines as a leader, is the chair of ASEAN working group. The Philippines has one of the best central banks---the BSP--to join the region, and they continuously foster collaboration among regulators.”
The BSP is aiming to raise the share of digital payments to 50 percent of all retail transactions and expand financial inclusion to 70 percent of Filipino adults by 2023.