GCash

2024

Industry Champions of the Year

GCash

Industry Champions of the Year

2024

ABOUT GCash

Breaking Barriers, Building Futures

“The Philippines’ leading finance super app and largest cashless ecosystem GCash makes great strides in financial inclusion, empowering Filipinos’ financial well-being whilst championing sustainability and security.”

GCash, the Philippines’ leading financial technology provider, was awarded the esteemed Industry Champions of the Year title by the ACES Awards. This accolade underscores the company’s transformative impact on financial inclusion and its steadfast dedication to democratising access to financial services, especially for the unserved and underserved populations in the Philippines. The award celebrates the company’s innovative contributions, as well as its resilient pursuit of sustainable growth and digital empowerment for Filipinos.

GCash started as an SMS-based money transfer service in 2004, and has since redefined financial inclusion through several innovative solutions. With G-XChange, Inc. (GXI) — a subsidiary of Mynt — managing the mobile wallet, GCash has grown into a comprehensive finance app offering savings, credit, insurance, investments, and other services. With over 94 million Filipinos having accessed the GCash app, the company has driven an impressive shift towards cashless transactions, especially among those in the socio-economic classes that traditionally had limited financial access.

GCash’s achievements are punctuated by its rapid user adoption rate. As of 2024, GCash reported an unparalleled market reach, with 90% of users from underbanked regions and 70% located outside Metro Manila. This reach has contributed significantly to increasing the country’s financial account ownership, which rose from 29% pre-pandemic to 65% in recent years.

GCash’s influence also encompasses significant partnerships with government entities. Partnering with Bangko Sentral ng Pilipinas (BSP), GCash has helped accelerate the country’s transition toward cashless payments. Through PalengQR, a QR payment initiative designed for wet markets, GCash has on-boarded over 112,000 vendors in 330 municipalities. GCash also actively collaborates with over 200 government units to support digital payments for public services and expand financial literacy programs nationwide. In addition, GCash’s proactive involvement in policy making illustrates its commitment to a secure and sustainable fintech ecosystem.

One of GCash’s flagship innovations, GStocks PH, revolutionised stock trading for Filipinos. Launched in partnership with the Philippine Stock Exchange and AB Capital Securities, this feature allows users to trade stocks conveniently within the app, broadening access to over 280 PSE-listed companies. By lowering the entry barrier, GStocks PH has welcomed over 500,000 registered users, empowering Filipinos to participate actively in the stock market.

Additionally, GCash’s savings feature, GSave, has been a game-changer. With over 10.9 million registered accounts, GSave represents 25% of the banked Filipino population. For investments, GInvest offers an accessible way for users to invest in global funds with a minimum contribution of PHP 50 (about $1). Together, GSave and GInvest have created pathways for wealth building and financial security that previously seemed out of reach for many.

Aside from that, GInsure provides microinsurance options for various needs. Through partnerships with top insurance providers, GCash has facilitated over 28.3 million insurance policies, reinforcing its commitment to affordable, accessible financial protection, further addressing critical financial security needs in the country.

Furthermore, GCash offers products that cater specifically to underserved communities. The company’s microloans, for instance, have empowered more than 5.4 million unique borrowers, many of whom are women, residents outside urban centres, or from lower-income households. This access to loans, facilitated by Fuse Lending (another subsidiary of Mynt), has provided users with a lifeline to financial resources that would otherwise be unavailable.

Beyond the Philippines, GCash has extended its services to over 10 million Overseas Filipino Workers (OFWs) through GCash Overseas, currently accessible in 16 territories, enabling OFWs to manage transactions and support their families from abroad seamlessly. Moreover, in collaboration with Alipay+, GCash launched Global Pay, a QR-based cross-border payment system for Filipinos travelling to or residing in 47 countries. This service, with real-time Forex conversion and no service fees, making a viable way for Filipinos to pay.

GCash’s impact extends to environmental sustainability through GForest, the first fintech-led sustainability initiative in the Philippines. Introduced in 2019, GForest allows users to earn “green energy” points through app transactions, which is reflected in actual tree planting across the country. This program has engaged over 19.7 million users, resulting in the planting of 2.8 million actual trees. By linking financial activities with eco-conscious initiatives, GCash fosters environmental stewardship while supporting local farmers and providing job opportunities within forested regions.

GCash’s customer-centric approach is evident in its impressive Net Promoter Score (NPS) of 92% as of 2023, a rate that outshines typical industry standards, driven by GCash’s emphasis on security and ease of use. The company implemented Double Safe, a multi-factor authentication system that combines facial recognition with MPINs and OTPs. This security innovation has reduced account takeover attempts by 24% and strengthened customer trust.

To ensure account safety, GCash launched Account Secure, which restricts each account to a single authorised device, preventing unauthorised access. These measures are further supported by a Scam Score Model, which detects fraud attempts through AI-driven analysis of user patterns. The introduction of App Shielding in 2023, on top of that, has already defended against 11.7 million attacks.