![]() ![]() In an effort to further increase its footprint, GCash Jr., designed for users aged 7 to 17, was launched in 2022. GCash's parent company, Mynt, made history as the Philippine's first double unicorn when it announced that it raised $300M in funding last November 2021 at a $2B valuation. GCash also revived its remittance service, now called GCash Padala, and made it available to non-app users through its 2,000 partner outlets nationwide. In 2021, GCredit, a revolving mobile credit line initially powered by Fuse Lending was also transferred to CIMB Bank. GSave would later evolve into GSave Marketplace with options between CIMB Bank Philippines, BPI, and Maybank Philippines. GCash also partnered with CIMB Bank Philippines for the pilot of GSave, a high-yield savings account. As of 2022, there were an estimated 58 million active e-wallet users in the Philippines, with this number expected to reach 81 million by 2025.įrom 2013 to 2020, GCash would focus on bringing new features to its app including QR-based payments, mobile and gaming credit purchases, online checkout, barcode cash-in, bills payment, and the support for InstaPay which enabled interbank transfers. GCash is still widely used payment method for physical outlet and offline-related services in the Philippines, particularly retail and events. In 2017, GCash and its rival mobile wallet PayMaya, partnered with Facebook to offer its services within Facebook Messenger, but this partnership wouldn't last due to changes in Facebook's fintech strategy. GCash launched its mobile application in 2012 to shift from physical outlets to a digital cashless system. Users could convert their cash to e-money through cash-in and cash-out outlets like sari-sari stores with a transaction fee of ₱1.00. It was Globe Telecom's answer to Smart Communications' Smart Padala which aimed to serve the majority of Filipinos who lacked access to formal banking services at the time. ![]() GCash was launched in October 2004 as an SMS-based money transfer service. Mynt is a joint venture between Ant Group, an affiliate company of the Alibaba Group who operates Alipay, the world's leading mobile and online payments platform Ayala Corporation, one of the Philippines' largest and oldest business conglomerates and telco giant Globe Group, through its corporate venture builder, 917Ventures.Īs of May 2023, GCash claims to have 81 million active users and 2.5 million sellers and merchants across the Philippines. (doing business as Mynt), and operated by its wholly-owned subsidiary, G-Xchange, Inc. GCash is a Philippine mobile payments service owned by Globe Fintech Innovations, Inc. ![]()
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