GCash for Business General Manager Jong Layug, speaking on a panel at the GoNegosyo MSME Summit on July 19, shared that consumers do not usually carry cash anymore when they go outside, thanks to the convenience of mobile wallets.
In fact, according to the Bangko Sentral ng Pilipinas, 57.4 percent of the total volume of retail transactions were settled via digital payments last year, showing a growth of 4.6 percentage points from 2023. The rise in digital transactions is in line with the government and private sector's efforts to make the Philippines a cash-lite society.
Layug, given this trend, said it was only imperative that micro, small, and medium enterprises follow suit.
“We, at GCash for Business, understand that having no access to digital payment solutions can be limiting to both merchants and consumers, especially at a time when most are used to paying with their phones or cards. This is why we encourage MSMEs to go digital so they will not miss an opportunity for a sale,"
he explained.
A study by International Data Corp. revealed that mobile wallet payments are projected to account for 30 percent of e-commerce transactions in 2028, up from 24 percent in 2023—highlighting the growing preference for digital payments among Filipinos. The stronger adoption of e-wallets is driven by its "accessibility” in the mobile-first country, the report noted.
To help merchants go digital, the finance super app offers a suite of solutions that can make payment collection seamless and financial tracking more efficient. Entrepreneurs can access them via the GCash for Business Portal, which provides an easy-to-use business wallet with no limits and transaction fees.
GCash for Business, most recently, launched SoundPay, a payment device that allows merchants to hear when a customer pays in their store, providing them instant payment confirmation anytime, anywhere. Merchants can also watch out for a soon-to-launch solution that turns the merchants’ phones into a POS machine capable of accepting credit card payments.
“Our goal has always been to develop products that make everyday life a bit easier. While we've placed a strong focus on the consumer segment, we're equally committed to supporting MSMEs by providing tools that can help with their day-to-day operations,”
Layug said.
Beyond payment solutions, GCash for Business also supports MSMEs in reaching their full potential. The finance super app enables MSMEs to access loans, providing them with the financial boost to scale their business and reach more customers.
GCash for Business is here to support MSMEs to go digital easily and simply. Discover solutions and sign up today at https://new.gcash.com/business/msme.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
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This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
