GCash, the preferred mobile wallet in the Philippines, is leading the country’s shift into the new normal through digital financial technology, making it part of the lifestyle of many Filipinos.
GCash Marketing Manager Winsley Bangit said the pandemic has set the stage in cultivating new trends and behavioral changes in the Filipinos’ way of living that make way for increased adoption of fintech.
“The pandemic made people realize a lot of things. One of which is that fintech is not just an option now but a necessity. It allows the person to do their usual routines without the risk of transmission of the virus at the comfort of their homes and by only using their phones. Bills payments, sending money, paying via QR or barcode became the new default way of paying as many establishments prefer contactless transactions,” Bangit said.
“GCash as a lifestyle app became more relevant than ever. We saw unprecedented growth in downloads, usage, and overall number of transactions,” he said.
In the country’s attempt to function in a safe way under the new normal, GCash has observed 4 key trends emerging in the country which leads to the growth of online activities and usage of digital financial services.
One is the Contactless Revolution, where consumers turn to online means to satisfy their needs such as opting to shop online and adopt digital financial services rather than going to malls, groceries, and banks.
Quarantining at home also cultivates an entire Stay-At-Home Economy wherein an ecosystem of opportunities arise from the continuous pursuit of new passions at home, whether it may be learning new skills, growing plants, baking, or staying fit and healthy.
Another trend GCash saw was the Emerging Virtual Communities where Filipinos join and build communities online such as online selling communities and hosting of online events that nourish relationships and connections with the community.
The last is Navigating Financial Volatility in these trying times. Unemployment and loss of income became the main driver of insecurity among consumers, which also affected the growth of businesses and small and medium enterprises (SMEs). The majority or 7 out of 10 Filipinos remain unbanked and are unable to access financial services.
Because of this, Bangit said there is a spike in interest in financial literacy and learning digital financial solutions and products available in the market.
He noted that more and more Filipinos now are inclined to savings, investments, and entrepreneurship compared to consumerism before the pandemic. Even GCash users are using the app to earn amid the pandemic, and one of them being a community bayad center in their area through GCash Pay Bills.
“This is an opportunity for us to build new behaviors and also nourish positive ones not just for the self, but also for the family. We help consumers and businesses in their needs given the current economic instability. And GCash is leading the way with digital financial services that Filipinos deserve,” Bangit said.
“We are witnessing a shift in consumer behavior today, and we in GCash know that we play a pivotal role in helping consumers overcome these challenges,” he added.
GCash is at the forefront of helping the Filipinos weather the storms of the pandemic through providing digital financial services such as peer-to-peer and bank transfers, saving money, paying bills and online purchases, buying load, investments, loans, and many others.
Finance for All
GCash has been servicing over 24 million users year-to-date and has grown its monthly active users by 10 times versus 2017, a testament to GCash leading the way of enabling Filipinos online under the new normal.
GCash is the No. 1 mobile wallet in the Philippines. It is also the top Philippine financial app in Google and Apple Store and among the top 3 overall free apps behind Tiktok and Zoom.
“The vision of GCash — Finance for All — resonates timely now, not just for individuals but also as a whole society and economy. GCash is not only the No. 1 finance app, but we also believe the whole country is now ready and primed to be served with digital solutions,” Bangit said.
Bangit emphasized that Filipinos are ready to fully adopt digital solutions and financial services to move forward in the pandemic, citing GCash’s forecast to serve P1 trillion worth of transactions by the end of 2020.
The confidence came from the 900 percent year-on-year growth of money transfers and transactions in GCash, as well as being the No. 1 InstaPay sender and receiver or send to bank nationwide.
“We are helping and solving things together for consumers, businesses, the government, LGU partners, and we are to make sure we provide meaningful relevant services that the Philippine consumer deserves,” Bangit said.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play. For more information, kindly visit www.gcash.com.