Total GCash transactions to hit P6T by year-end

E-wallet service provider GCash is expecting to post P6 trillion in gross transaction value (GTV) by the end of the year given the growing number of its users.

The full-year projection translates to nearly double the GTV booked in the past year amounting to P3.8 trillion. In the first half, GCash recorded P3 trillion in GTV.

Its consumer base also climbed to 66 million from 60 million earlier this year. This means four out of five adults in the country have a GCash account.

“We’ve seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” GCash president and CEO Martha Sazon said.

The mobile wallet platform said that it had been ramping efforts to onboard merchants, which grew to 5.2 million for the period.

It currently has 339,000 cash-in and cash-out outlets across the country.

“We continue to see the adoption increasing, and even the everyday use and use case diversity are growing. I think the adoption is here to stay and we’re not seeing it plateauing in the near future,” Sazon added.

Meanwhile, GCash recently announced that it has now more than 1,500 partner billers on its platform.

The app enables payment for basic utilities, including electricity, water, cable TV, internet and telecommunication services. Through partnerships with real estate agencies and properties, users may also settle condominium bills and housing mortgages via the app.

GCash users can also pay for national and local government services through the portal, including taxes and government contributions. The online finance app has also been ramping up its digital insurance offerings for a wide array of users.