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.
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