Many have the said that the Philippines will remain a cash-based society in the foreseeable future. New revelations however project a very different tomorrow for the way Filipinos will conduct their financial transactions and handle their money.
In a recent presentation at a Tech Talk of SM Retail Inc., G-Xchange Inc. president Abet Tinio bared that the user base of GCash, the leading mobile payment solution, had expanded from 2 million registered accounts in 2016 to 20 million in 2019—representing a tenfold expansion in only three years.
Answering questions from the audience, Tinio attributed the exponential growth of GCash user accounts to three factors—convenience, confidence and community.
“We first had to look at pain points of our target markets and see if our platform provided real solutions. We determined that if real problems were solved, then adoption of GCash will be much easier to promote,” said Tinio, explaining that the mobile payment solution offered a compelling alternative to the inherent inconveniences of using coins or cash on an everyday basis. “That’s the first C—convenience.” (PR)
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