GCash has become the most widely used payment service in the Philippines, amassing over 80 million users (according to Statista). Understandably, it has taken a pivotal role in the success of the country’s marketing industry. As part of our Business Marketing tips and advice section, read along and learn all about GCash in the Philippines and how it helps international brands reach customers.
Amassing over 50 different types of audiences, food industries, investors, and other key channels have taken advantage of the platform’s flexibility. Since it is the most popular e-wallet and its market share exceeds all others, it will lead to a positive influence across all these brands and fields.Â
How GCash Got So Popular in the Philippines
The success of GCash comes due to several key factors. The service was launched in 2004 by Globe Telecom, allowing it to progress as the years went by. At that point, it was the only mobile service in the country.
GCash also amassed popularity due to its partnerships with international brands. It goes both ways – GCash helps their development, and their support allows it to grow. Then come the new features, such as QR Code payments, cryptocurrencies, and mobile device compatibility.
The company also introduced two main services – GCredit and GSave – a credit line and a savings account feature, allowing even more users to take advantage of the brand’s offerings.
Watch this video to learn more about how GCash became such a success:
Implementation and Financial Brand Adoption
The success of GCash in the Philippines is mainly due to several important components, which allowed it to be integrated into the system. Its financial growth is based on key factors such as:
- Sari Sari Stores
- Business Associations
- Public Market Growth
- Online Shopping
- Investors
Cash-ins and cash-outs occur daily by the thousands, allowing GCash to grow more and more. If a user wants to pay or check the price of a product quickly, they can do so easily by scanning a QR code.
The impact the payment service has had in the Philippines even affects the GCash casinos, which provide a secure environment for online players. Then there is food delivery. Many GCash customers order food for home and pay with the service. Each transaction adds up. Online shoppers do a similar thing but with other products.
All of this helps residents of the country and allows for the GCash international brand partnerships to develop. This has played a huge role in the success of GCash and shows how it aids Filipino customers.Â
Obstacles and Ways of Overcoming Them
The GCash international brand partnerships and success are very important in the Philippines market, but everything comes with a price. Here are some obstacles that come into play with the service.
If there is a server outage or a network problem on GCash’s end, payments and usage of the service will be halted. Also, GCash requires another payment method to add funds, as it is an e-wallet.Â
Fortunately, these small drawbacks do not stop GCash from growing in the industry and assist Filipino customers in many aspects of their lives.
Future Prospects – Crypto
The main feature to look forward to when considering GCash international brand integration is its future development – and that leads to the usage of cryptocurrencies. Over 50% of respondents are interested in investing in crypto.
GCash aims to deploy the crypto payments process and help investors. Some people may be worried about security, but, according to Forbes, fortunately, crypto payments are some of the most secure options out there due to their anonymity and support.
Also, GCash aims to get a Digital Bank license, which will also create some big changes in the local finance sector. Watch this video to learn more:
Final Thoughts – GCash Helping International Brands
Overall, it is obvious that the success of GCash will immensely help international brands reach Filipino customers. The service is widespread across the whole country and is the most used payment option.Â
We can’t wait to see what the future holds, but the current prospects are bright. Even though there are some drawbacks, investors and financial brands will be able to find a way around them.
With the addition of crypto, the entire process will be made simpler and more secure. Many areas will be affected, such as food, retail, online shopping and other sectors. Overall, public market growth will be visibly increased.
Jack is a self-made entrepreneur, who actually started out in the Military, then worked for the Government for a few years, until he finally made that bold step and started out his own online and offline businesses. He’s never looked back ever since, and hasn’t been happier…
