The GCash mobile wallet expects to exceed its growth targets this year through its range of financial services, ranging from credit, savings, insurance, lending to investments.
Martha Sazon, president and CEO of GCash, said the company is doubling its lending as Filipinos move into digital finance.
Sazon said GCash’s assets under management (AUM) for the GSave product alone doubled to more than 9 billion pesos in the first six months of the year, from 5 billion pesos last year.
The GInvest product, which was launched last year, captured 70 percent of the domestic market of total unit-linked investment trust fund (UITF) accounts in six months.
GInsure, GCash’s microinsurance offering launched in the app in 2020, now accounts for one-third of all new insurance policies issued in the Philippines.
The company’s internal loan department, GCredit, disburses an average of P $ 1 billion in loans per month.
As of June 2021, GCredit had disbursed 15 billion pesos in loans, recording the best repayment rates, with the lowest delinquent and non-performing loans locally.
In partnership with neobank CIMB Bank, GCredit works as a pre-approved credit card to make QR and online purchases, as well as bill payment, without traditional documentation requirements.
It also grants 30-day credits to GCash users. In addition, GCash is piloting GLoan, a new service that allows qualified users to borrow P 25,000, with repayment spread over 12 months.
The service is doing well and has recorded the fastest revenue growth for its category, Sazon said.
GCash now plans to launch a “Buy Now, Pay Later” service this year to address users’ financial challenges during the pandemic and beyond.
Already, GCash is on track to reach P3 trillion in full-year gross transaction value, tripling its performance in 2020, as more Filipinos shop online due to the pandemic.
So far, the GCash app, which has 46 million users, averages 300 billion transactions per month, with more than 13 million connections per day, peaking at nearly 15 million in the second quarter of 2021. .
“We have experienced massive growth in our financial services through innovative fintech solutions and strategic partnerships, regardless of license,” said Sazon.
“We also have the advantage over experience and technology as we have been promoting financial services since our inception. We have very positive growth prospects for the years to come, ”she concluded.
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