GCash tops 60M users despite rival's digital bank license

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Metro Manila (CNN Philippines, May 24) — Mobile wallet GCash, backed by Globe Telecom and Chinese billionaire Jack Ma, now boasts more than 60 million registered users, with its top official saying it remains "undisputed" in the market despite its main rival getting a boost in the digital banking space.

GCash President and Chief Executive Officer Martha Sazon said the fintech platform continues to enjoy its dominance as it now covers 83% of the country's adult population, almost two decades after its launch.

"We have maintained a strong growth momentum with 60 million Filipinos now placing their trust in GCash. We are still the undisputed fintech leader in the country," Sazon was quoted as saying in a statement Tuesday.

"We now see an increased use of mobile wallets as people embrace e-commerce," she added.

Amid a pandemic-driven boom in digital payments, GCash noted it has been recording 29 million daily logins, with a peak in daily transactions at 19 million.

Its financial services include money transfers, e-commerce, savings, investment, insurance, cash loan, and "buy now, pay later" products.

GCash reached "double unicorn" status in November last year after raising $300 million in fresh funds, propelling its valuation to over $2 billion.

Its closest competitor Maya, previously known as PayMaya, also hit the "unicorn plus status" last April with its valuation at nearly $1.4 billion.

Maya, which ended the first quarter with over 47 million registered users, was hopeful to gain more traction after securing a digital banking license from the central bank.

However, the GCash executive saw the development as not a threat to the group's status.

"We don't believe that having a digital banking license is a silver bullet or magic. It's not like a signboard that you just turn on then expect everyone to come in. There's real work to acquire users and educate them on more complex financial services," Sazon previously said in a briefing.