GCash

GCash is a Philippine mobile wallet, mobile payments and branchless banking service. Introduced in 2004, it is owned by Mynt (formerly Globe Fintech Innovations, Inc.), 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 Group, one of the Philippines' largest telecommunications companies (Mynt is listed as a subsidiary of 917Ventures).

GCash
Product typeMobile payments/ Digital wallet
OwnerMynt (formerly Globe Fintech Innovations Inc., a venture of Alipay, Ayala Group and Globe Group)
CountryPhilippines
Introduced2004
MarketsPhilippines
Websitewww.gcash.com

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] As of May 2022, it has more than 60 million users.[3]

History
A GCash cash-in machine

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.[4][5]

In 2012, the GCash app was launched as a move to transition from cash-in and cash-out outlets to a fully cashless system.[6]

In 2017, GCash, along with competitor mobile wallet PayMaya, partnered with Facebook to integrate its services with Facebook Messenger.[7]

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.[8][9][10] Later that year, GCash partnered with another convenience store chain, Ministop, to add more cash-in locations in the Philippines.[11]

On July 25, 2021, GCash announced that its remittance service, GCash Padala, is now available to non-app users through its 2,000 partners nationwide.[12][13]

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.[14][15][16]

In August 2022, GCash Jr., which is designed for users aged 7 to 17, was launched.[17]

Issues
A QR Ph GCash QR code for in-store payments via the GCash app as well as QR Ph- and Alipay-affiliated mobile wallets at a mall in Caloocan, Philippines.

On January 11, 2022, the GCash mobile application and its services were briefly interrupted due to a power outage that lasted for four hours.[18]

One issue related to GCash is that some users have reported experiencing transaction errors, including failed or delayed transactions, incorrect debits, and missing funds. This can cause inconvenience and frustration for users, especially when they need to urgently use their funds for payments or transfers. Some users have also reported difficulties in getting their concerns resolved through customer support, which can further exacerbate the issue. Additionally, there have been reports of fraud and scams involving GCash accounts, which highlights the importance of being cautious and vigilant when using mobile payment services. [19]

References
  1. "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.
  2. 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)
  3. "GCash tops 60M users despite rival's digital bank license". CNN Philippines. May 24, 2022. Retrieved July 10, 2022.
  4. Unsworth, Adam (July 17, 2010). "Case Study – GCash".{{cite web}}: CS1 maint: url-status (link)
  5. Mobile Money in the Philippines: The Market, the Models and Regulation. GSMA.
  6. "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)
  7. "GCash, PayMaya take in Facebook Messenger for money transactions". GMA News. September 22, 2017.{{cite news}}: CS1 maint: url-status (link)
  8. Abad, Roderick (February 29, 2020). "7-Eleven partners with GCash for cashless transactionS". BusinessMirror.{{cite news}}: CS1 maint: url-status (link)
  9. Dumlao-Abadilla, Doris (February 24, 2020). "GCash, 7-Eleven team up in cashless race". Philippine Daily Inquirer.{{cite news}}: CS1 maint: url-status (link)
  10. Mercurio, Richmond (February 23, 2020). "7-Eleven, GCash team up for barcode transactions". The Philippine Star.{{cite news}}: CS1 maint: url-status (link)
  11. Team Orange (September 21, 2022). "GCash, Ministop partner to increase cash-in locations nationwide". Orange Magazine. Retrieved July 10, 2022.
  12. Balinbin, Arjay (July 26, 2021). "GCash expands money transfer service to non-app users". BusinessWorld. Retrieved August 2, 2021.
  13. Medilo, Luis Reginaldo. "How to Send Money to Non-GCash Users with GCash Padala". Tech Pilipinas. Retrieved August 2, 2021.
  14. Abadilla, Emmie (November 2, 2021). "Mynt, PH's only unicorn gets $300-M funding". Manila Bulletin. Retrieved December 5, 2021.
  15. "Mynt becomes first fintech Unicorn in the Philippines with $300 million fund raise". Finextra. November 5, 2021. Retrieved December 5, 2021.
  16. Dumlao-Abadilla, Doris (November 2, 2021). "Mynt, fintech firm behind GCash, reaches 'double unicorn' status". INQUIRER.net. Retrieved January 31, 2022.
  17. MB Technews (August 10, 2022). "Be ready to discover bigger things with your first e-wallet, GCash Jr". Manila Bulletin. Retrieved August 17, 2022.
  18. "GCash says app, services restored after 4-hour outage". ABS-CBN News. January 11, 2022. Retrieved January 11, 2022.
  19. "GCash to roll out 'double authentication' feature". GMA News Online. November 24, 2022. Retrieved November 24, 2022.
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