GCash, a Philippines’ mobile wallet operated by Mynt under Globe’s corporate venture builder 917Ventures, announced that it now has over 60 million registered users and more than five million merchants nationwide.
Additionally, GCash said that it records 29 million daily logins, with a peak in daily transactions at 19 million.
According to data.ai which was formerly known as App Annie, GCash has 5x more smartphone monthly active users than the next highest e-wallet app in the Philippines as of April 2022.
GCash offers a full suite of financial services such as money transfers, e-commerce, savings, investment, insurance, and just recently, cash loan and “buy now, pay later” products.
In November 2021, Mynt had raised over US$300 million in funding which pushed the company’s valuation to over US$2 billion.
Martha Sazon
“We have maintained a strong growth momentum with 60 million Filipinos now placing their trust in GCash. We are still the undisputed fintech leader in the country and we now cover 83 percent of the Philippines’ adult population. We vow to continue providing reliable service to our customers and innovate to deliver their fintech and lifestyle needs.
We now see an increased use of mobile wallets as people embrace e-commerce. With GCash, the unbanked and underserved population are finally empowered. They can already do so much more, such as paying for their online purchases without a credit card or a bank account, getting health insurance, and investing in Unit Investment Trust Fund,”
said Martha Sazon, President and CEO of GCash.
