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Gcash, a popular mobile wallet in the Philippines, is considering offering its users the ability to buy, sell and store cryptocurrency on its platform, which is reported to have 40 million users. The company’s CEO stated that 40% of Filipinos now have Gcash accounts.
According to a report this week by the Philippine Star, the Philippine mobile wallet Gcash is exploring the addition of cryptocurrency to its portfolio of financial products and services, adding that as of the end of April, the platform has more than 40 million users. Through the Gcash application, users can shop, save, invest, and obtain insurance.
Gcash is operated by Mynt, a fintech startup partner between Globe Telecom, Ayala Corporation and Ant Financial. The company’s main services include payments, remittances and loans. Mynt CEO Martha Sazon said that as of the end of April, the Gcash platform had 4 million registered accounts in Gsave and 1.4 million registered accounts in Ginvest.
The executive stated that the company is studying the provision of cryptocurrency purchase, sale and storage services, and explained in detail:
Although we may now be seen as saboteurs, in this digital age, it is important that we should pay attention to all types of sabotage there. It is important to understand what the trend is, whether it is local or global, and encryption is part of it.
Sazon pointed out, “As in any introduction, you need a platform, an effective business model, [and] Partners,” adding that the service can be “launched as soon as they are satisfied.”
Many payment giants, including Paypal and Square, have accepted cryptocurrencies and allowed their users to buy and sell them on their platforms.
Sazon further stated that 40% of Filipinos now have Gcash accounts and active users use the app more than twice a day. The CEO also shared that one-third of the app’s monthly active users have subscribed to at least one of the company’s financial services or products through the platform, and emphasized:
We will continue to innovate to provide relevant and accessible financial services for everyone.
What do you think of Gcash adding support for cryptocurrencies? Let us know in the comments section below.
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