As more Filipinos embrace cashless transactions for safety and convenience amidst the shift we are currently experiencing, GCash, the leading mobile wallet in the Philippines, cements its position as the staple mobile wallet in the country as it continues to grow its merchants to 2.5 million and its subscriber base by 44 million, equivalent to 40 percent of the Filipino population having a GCash account.
This was revealed during the recent Business World Insights discussion on “Fintech’s Role in Empowering Businesses of All Sizes.” The three-part online forum series featured the country’s leaders in financial technology. Representing GCash was its Chief Commercial Officer (CCO) Frederic Levy and discussed how digital transformations are being integrated in businesses.
Levy underscored that GCash has played a key role in the Philippine economy during the pandemic. As some businesses have been forced to close their physical stores, their access to digital payment through GCash has enabled the economy to keep on moving.
The GCash app has an extensive ecosystem of products for its consumers’ everyday payments and transfers, savings and investments to lifestyle benefits. “There is clearly an appetite for Filipinos now to jump into digitalization of any financial aspect,” said Levy.
For the businesses choosing a financial technology solution, Levy emphasized that a payment provider should be aware of their business’ unique needs and challenges for it to provide relevant solutions such as cashless payment acceptance, disbursement platforms, and digital advertising and marketing support. Growing businesses can transition from phone numbers to QR Codes to accommodate their consumer’s demands.
Apart from businesses, GCash is also strengthening its e-government platform for users to pay more fees and bills through the app. GCash has also been in constant cooperation with the Bangko Sentral ng Pilipinas in pushing for a more inclusive finance for Filipinos.
GCash is now shifting the perspective of businesses and consumers towards digital space and its possibilities. “GCash is starting to become embedded in the life of Filipinos and its impact is felt across all forms of digitalization in the country,” Levy said.
With only 1 in 3 Filipinos who have access to a bank account or any other financial services and the painstaking challenge of the pandemic, the need for fintech to address these pain points has been revealed to which GCash stepped up and provided more accessible and easier to understand products and services to continue their ‘Finance for All’ vision.