GCash users have grown to 44 million subscribers and 2.5 million merchants from its initial launching in October 2004.
What's the significance?
Imagine each user is maintaining a very conservative amount of 100 pesos, this would translate to a whopping 4.4.billion pesos. And unlike bank deposits, the company does not pay any interests. So that's 4.4 billion in FREE funds which the company can use or invest.
Actually not one hundred percent of the fund as they need to reserve a certain percentage for withdrawals or cash-outs. But transactions are normally GCash to GCash accounts hence money does not go out of the platform.
Initially created as a remittance system specifically an SMS based domestic money transfer without going thru the traditional banking channels, GCash is owned by Mynt whose investors include Globe Telecom, Ayala Corporation and Ant Financial which is owned by Alibaba Corp.
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