Follow us for updates
© 2022
Read the Story →

Cryptocurrency Coming to GCash? Your Favorite E-Wallet is Looking Into It

GCash is in the devices of 51 million Filipinos.
Nov 18, 2021
Photo/s: Facebook/GCash

GCash said it was "evaluating options" on cryptocurrency trading with the goal of giving its 51 million users access to it "soonest", seeking to diversify further from being the Philippines' most widely-used digital wallet.

The joint venture between Globe Telecom and Chinese billionaire Jack Ma's Ant Financial hit gross transactions of P3 trillion in the second week of November, highlighting how Filipinos use the app to pay, transfer money and invest, said Martha Sazon, CEO of GCash parent Mynt.

Asked if GCash would allow cryptocurrency trading, Sazon told reporters: "We are currently evaluating our options to engage with platforms, but looking into providing access to our users soonest."

Speaking at Globe Telecom's earnings call, Sazon said GCash was seeing no slowdown in digital transactions even after looser quarantines allow people to move more freely. Stay-at-home orders at the start of the pasndemic was one of the drivers of growth in e-commerce and digital payments.

Continue reading below ↓

Sazon also encouraged GCash users to use the GInvest feature, which allows to them to invest a portion of their 13th Month Pay for as low as P50 or P1,000 in funds that have holdings in tech giants such as Google and Microsoft.

NEWS YOU CAN USE: We Tried GInvest and Here's What We Learned About Investing 

"GCash makes it very flexible for you, the access to cash when you need it. It's easy, everything is on your phone," Sazon said.

Sazon said GCash had no immediate plans of setting up a digital bank like rival PayMaya to keep a wide audience for its users. GCash is available to subscribers of Globe's rivals.

GCash is an important part of Globe's portfolio, said the CEO of the Ayala-led terlco, Ernest Cu.

"It demonstrates Globe's ability to scale businesses in adjacent business areas using our various assets inside the ecosystem," he said.

Continue reading below ↓
Recommended Videos

GCash has been profitable for four straight months this year and is one of the few fintech firms that is making money. It is "deeply ingrained in the daily lives of Filipinos," Sazon said.


Cryptocurrency Addicts Speak Up, Exposing a Silent Pandemic

How Cryptocurrencies Grew Into $2 Trillion Market 

How Much is One Bitcoin Worth? Close to P1 Million

Reportr is now on Quento. Download the app or visit the Quento website for more articles and videos from Reportr and your favorite websites.

Latest Headlines
Read Next
Recent News
With the reopening of several local destinations, this app has never been more timely.
The focus should be on the poor, incoming senator said.
GCash isn't just about paying bills and transferring funds.
You'll need a bigger wallet, incoming BSP gov says.
The news. So what? Subscribe to the newsletter that explains what the news means for you.
The email address you entered is invalid.
Thank you for signing up to On Three, reportr's weekly newsletter delivered to your mailbox three times a week. Only the latest, most useful and most insightful reads.
By signing up to newsletter, you agree to our Terms of Service and Privacy Policy.