GCash onboards nearly 300K community stores

MANILA, Philippines — Mobile wallet giant GCash strengthens its bid to promote financial inclusion by expanding its partner channels outside online stores and major outlets.

GCash said some 300,000 community stores have already been onboarded in its system, including sari-sari stores, market vendors and tricycle drivers.

The e-wallet platform in particular has given over 240,000 sari-sari store owners access to its services as well as additional livelihood opportunities.

Sari-sari store owners can earn up to P10,000 a month as a GCash Pera Outlet, in which they can offer cash in, cash out, bills payments, and fund transfers.

GCash has likewise onboarded 20,000 market vendors and 31,000 tricycle drivers through partnerships with wet markets and tricycle drivers associations.

GCash said the collaborations make transactions not only secure and safe, but also eliminates the need to bring money and search for loose change.

“We continue to expand in other regions across the country. Through these efforts and our partnerships with local government units, we have made financial services available to more people.  These channels are key for us to reach our vision of finance for all,” GCash president and CEO Martha Sazon said.

GCash, a portfolio company under Globe wholly-owned subsidiary 917Ventures, has achieved double unicorn status, carrying a valuation of $2 billion.

As the country’s leading e-wallet, GCash currently has over 60 million registered users, five million merchant and social sellers, 232,000 cash in and cash out outlets, and 420 GLife merchants.

The platform also continues to evolve its products to make Filipinos’ everyday lives better, with more products and services being lined up in the coming months to further its goal of financial inclusion.

Aside from e-money, GCash provides savings, especially for the unbanked, through a partnership with CIMB digital bank.

It also offers insurance through GInsure for as low as P25, and investments via GInvest for as low as P100 for local funds and P1,000 for international funds.

Another product, GLoan, has disbursed P1 billion worth of loans just six months from its launch.

Users can also turn to GGives for “buy now, pay later” offerings with up to 12-month installment plans.