GCash foresees accelerated growth for 2020

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More Filipinos depende on GCash, mobile wallet transactions amidst Pandemic

 
With the Pandemic and quarantine measures at hand, including social distancing, this has led Filipinos to rely and depend more on cashless transactions.

GCash, the mobile wallet of Globe Telecom Inc., noted a significant shift in consumer behavior during the community quarantines.

During the virtual forum called, ”GCash Leading the New Normal,” last Sept. 24., GCash chief customer officer Winsley Bangit noted, “We know that we play a pivotal role in helping consumers overcome challenges. There are four key emerging trends we observed—a contactless evolution, a stay-at-home economy, emerging virtual communities and how we navigate the financial volatility that we are facing today. ”

Bangit said this because of the restrictions set by IATF to control the spread of virus, foot traffic in physical malls and establishments declined. However, this has led more Filipinos to converge online for various needs.

With this new online behavior, e-commerce shopping has grown exponentially from apps like Shopee, Lazada, Carousel, and even Facebook.

“Because of its inclusivity, GCash is now leading the charge of the digitalization of financial services,” Bangit said.

GCash has more than 24 million customers as its monthly active users have multiplied 10 times this year as opposed to 2017. GCash has registered up to 900 percent transaction growth with P1 trillion annual gross value for 2020.

Even if there’s no certainty as to when this Pandemic will end, GCash foresees Filipinos to continue relying on the use of cashless transactions as part of the ‘New Normal’.