“GCash has reached a tipping point where it has now become a very big part of the Filipino lifestyle in terms of how they pay for things, how they move money around, and it has done quite a bit for financial inclusion as well,” said Cu in a virtual media briefing.
Cu is confident that the digital shift would remain even as the economy reopens. As these habits (cashless payments) get more ingrained in the public, Cu said Globe would continue to step on the monetization model gas to expand GCash’s reach. “There’s a lot of love for GCash,” he added. .
But despite the roughly five-fold growth in active users and revenues in 2020, Cu said GCash was still a “few years away” from breaking even.
The pandemic has been a boon to GCash as more Filipnos were forced to go cashless to buy food, goods and services and transfer money and buy financial products.
“We want to become enablers for digital finance and I think we’re fulfilling that objective as speeds rise,” he said.
GCash is run by Globe Fintech Innovations Inc. or Mynt which counts Jack Ma’s Alibaba Group (Ant Financial) and New York-based investment firm Bow Wave as investors.