GCash
 | |
| Product type | Mobile payments/ Digital wallet |
|---|---|
| Owner | Mynt |
| Country | Philippines |
| Introduced | 2004 |
| Markets | Philippines |
| Website | www.gcash.com |
GCash is a Philippine mobile wallet, mobile payments and branchless banking service. Introduced in 2004, it is owned by Mynt (formerly Globe Fintech Innovations), which is a joint venture between Ant Group, an affiliate company of the Alibaba Group and the operator of the world's leading open digital lifestyle platform, Alipay; Ayala Group of Companies, one of the Philippines' largest business conglomerates; and Globe Telecom, one of the Philippines' largest telecommunications companies (on Globe's side, GCash is under 917Ventures).
As of 2019, it had 20 million active users and more than 63,000 partner merchants in the Philippines.[1] However, in two years, owing to the rise of digital payments in the Philippines due to the COVID-19 pandemic, these figures more than doubled, with 46 million active users and 2.5 million merchants and sellers as of August 2021, making GCash the country's undisputed mobile wallet giant.[2]
History
GCash was first launched by Globe Telecom in October 2004 offering SMS-based domestic money transfer that does not require bank accounts or cards considering 80% of the Philippine population were unbanked or underbanked at the time. Users were allowed to convert their cash to e-money via cash-in and cash-out outlets like sari-sari stores with a transaction fee of ₱1.00.[3][4]
In 2012, the GCash app was launched as a move to transition from cash-in and cash-out outlets to a fully cashless system.[5]
In 2017, GCash, along with competitor mobile wallet PayMaya, partnered with Facebook to integrate its services with Facebook Messenger.[6]
In 2020, GCash partnered with Philippine Seven Corporation allowing the use of the GCash app to pay in 7-Eleven branches via barcode throughout the country. 7-Eleven also has its own CLIQQ Wallet system for cashless transactions and its branches are one of the cash-in locations for GCash users.[7][8][9]
In July 25, 2021, GCash announced that its remittance service, GCash Padala, is now available to non-app users through its 2,000 partners nationwide.[10][11]
In November 2021, GCash's parent company, Mynt, announced that it raised $300M in funding at a $2B valuation, making Mynt a Philippine double unicorn.[12][13][14]
Issues
On January 11 of 2022, the GCash mobile application and its services were briefly interrupted due to a power outage that lasted for four hours.[15]
References
- ^ "GCash is building a cashless ecosystem. As of 2019, GCash has 20 million users with more than 63,000 partner merchants across the country". GCash. Retrieved June 18, 2021.
- ^ Mercurio, Richmond (August 19, 2021). "GCash monthly gross transactions hit P300 billion". The Philippine Star. Retrieved August 20, 2021.
{{cite news}}: CS1 maint: url-status (link) - ^ Unsworth, Adam (July 17, 2010). "Case Study – GCash".
{{cite web}}: CS1 maint: url-status (link) - ^ Mobile Money in the Philippines: The Market, the Models and Regulation. GSMA.
- ^ "Coins.ph, GCash, GrabPay, PayMaya: Who's leading the mobile payments war in PH?". Rappler. April 2, 2019.
{{cite news}}: CS1 maint: url-status (link) - ^ "GCash, PayMaya take in Facebook Messenger for money transactions". GMA News. September 22, 2017.
{{cite news}}: CS1 maint: url-status (link) - ^ Abad, Roderick (February 29, 2020). "7-Eleven partners with GCash for cashless transactionS". BusinessMirror.
{{cite news}}: CS1 maint: url-status (link) - ^ Dumlao-Abadilla, Doris (February 24, 2020). "GCash, 7-Eleven team up in cashless race". Philippine Daily Inquirer.
{{cite news}}: CS1 maint: url-status (link) - ^ Mercurio, Richmond (February 23, 2020). "7-Eleven, GCash team up for barcode transactions". The Philippine Star.
{{cite news}}: CS1 maint: url-status (link) - ^ Balinbin, Arjay (July 26, 2021). "GCash expands money transfer service to non-app users". BusinessWorld. Retrieved August 2, 2021.
- ^ Medilo, Luis Reginaldo. "How to Send Money to Non-GCash Users with GCash Padala". Tech Pilipinas. Retrieved August 2, 2021.
- ^ Abadilla, Emmie (November 2, 2021). "Mynt, PH's only unicorn gets $300-M funding". Manila Bulletin. Retrieved December 5, 2021.
- ^ "Mynt becomes first fintech Unicorn in the Philippines with $300 million fund raise". Finextra. November 5, 2021. Retrieved December 5, 2021.
- ^ Dumlao-Abadilla, Doris (November 2, 2021). "Mynt, fintech firm behind GCash, reaches 'double unicorn' status". INQUIRER.net. Retrieved January 31, 2022.
- ^ "GCash says app, services restored after 4-hour outage". ABS-CBN News. January 11, 2022. Retrieved January 11, 2022.
External links
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