MANILA, Philippines — Globe Telecom Inc. expects the number of users of GCash to grow and reach more than 20 million in five to seven years and start contributing to its revenue within the same period.
“Our goal is to go north of 20 million in a few years,” Globe president and chief executive officer Ernest Cu told reporters when asked about the target number of users for GCash.
He said the goal may be achieved in five to seven years.
He also said GCash may start contributing to Globe’s revenue within the same period.
For now, he said the focus is to build the active user base.
“We’re looking at making the experience more convenient, more relevant to people. We are looking at improving the cash-in experience. We’re looking at increasing the merchant base that accepts GCash and from there, we’ll see what happens to revenue,” he said.
As of end-September, Globe’s service revenue reached P95.14 billion, six percent higher than the P89.53 billion in the same period a year ago.
GCash, the mobile wallet service of Globe’s subsidiary Globe Fintech Innovations Inc. or Mynt, can be used to buy load, pay bills, send money, and pay for goods and services whether online or offline. It has about five million users at present.
Earlier this year, the scan to pay feature of GCash was launched to enable users to make purchases by scanning the quick response (QR) code displayed by merchants and establishments on their smartphones.
Among the early adopters of the GCash QR payments are Mercato Centrale in Bonifacio Global City and Ayala Malls, particularly Glorietta.
At present, other establishments including Robinson’s Department Store and Robinson’s Supermarket in Robinson’s Galleria, all SM Stores nationwide, Max’s Group of restaurants, apparel brand Bench, and international brands special retailer Stores Specialists Inc. are accepting the GCash QR payments.
Aside from retail establishments, Cu said the GCash scan to pay feature would also be made available in the transport sector.
“We are talking to some people who are helping in modernizing the PUVs (public utility vehicles) in this country. We’re experimenting with them already,” he said.
He said there is also a plan to use GCash for parking.
“Maybe we’ll do something more innovative than simply QR codes when it comes to parking,” he said.
“Everywhere where cash is used, we can be present,” he said.