Digital payment firm GCash said on Monday, June 22, that it recorded unprecedented growth in May, with transactions ballooning by 700 percent year on year, as demand for digital finance continues to soar amid the Covid-19 pandemic.
GCash said among the transactions used by its subscribers were fund transfers, which included InstaPay, and online payments to Google, Apple, Lazada, and various other merchants.
“The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use the GCash platform to pay for these services,” GCash president and CEO Martha Sazon said.
Since the start of the community quarantines, Filipinos have turned to digital services, given the physical distancing and strict health protocols imposed by the government to curb the spread of Covid-19 in the country. Online marketplaces have become busier, and businesses have set up their own digital storefronts to continue operations.
Food delivery and online grocery shopping have become very popular as well, and fund transfers through GCash have likewise become a preferred mode of domestic remittance.
GCash has also powered the national government’s Social Amelioration Program (SAP), allowing beneficiaries to use their GCash wallets to receive their financial assistance from the Department of Social Welfare and Development (DSWD).
Aside from this, GCash is also processing the financial aid of the local governments of Makati, Quezon City, and Pasig to disburse their own supplemental cash assistance to their residents.
“All these have helped drive the unprecedented growth that we saw in May. We expect to continue riding this momentum, as we further innovate and enhance our offers to provide more digital financial services to Filipinos,” Sazon said.