Philippines e-wallet app GCash crosses $3.97b in monthly transactions; plans to open crypto trading

GCash is a Filipino mobile wallet app owned by Mynt, and backed by Ant Group.

Philippines e-wallet app GCash crosses $3.97b in monthly transactions; plans to open crypto trading | BEAMSTART News

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GCash, one of the most popular e-wallets in the Philippines, is growing at a rapid rate with plans to introduce crypto-currency trading on its platform.

The company recently announced that it has crossed 200 billion-pesos ($3.97 billion USD) in monthly gross transaction volume within the first half of 2021, and expects to beat last year's figures.

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Key Highlights

  • According to Martha Sazon, president and CEO of Mynt, GCash is now the largest financial app in the country.
  • Compared to other e-wallet apps in the Philippines, GCash is 3.8x larger than them, and up to 4.4x larger than traditional banking apps.
  • Sazon also boasts that GCash has surpassed huge social media and entertainment apps like Netflix, Instagram, and Viber in the Philippines.

Why it Matters

  • Earlier this year, its post-money valuation has nearly reached $1 billion as Mynt acquired $175 million to capitalize on the pandemic's impact on "mobile payment adoption".
  • Furthermore, GCash expects to reach P3 trillion ($59.5 billion USD) in gross transaction volume by the end of 2021, which is three times higher than last year.
  • With the company's growing income, GCash is eyeing to offer crypto trading in the near future. 
  • GCash president Ernest Cu also added that GCash won't be rushing to go public anytime soon.

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