ELECTRONIC WALLET platform GCash is bullish on its improved performance in the remaining months of the year amid increased new customer registrations and stronger consumer spending, according to its operator G-Xchange, Inc.
“I think we are [bullish]. We’re very thankful to our customers and our partners,” G-Xchange Chief Executive Officer Oscar A. Reyes, Jr. said on the sidelines of a signing event in Makati City last week.
He said GCash is seeing more usage from its existing customers “and we see more customers joining us as well.” He did not provide specific figures.
“Also from our partners, we continue to expand services with them. We’re offering more products through them and that actually helps us serve our customers better as well together,” he added.
Mr. Reyes said a factor behind the positive outlook for GCash is the return of retail spending.
“Overall, the market is in a good upswing now. Everybody’s face to face. Everybody is back. Retail spending is there,” he said.
“If people have money, people are getting to earn, then they will use GCash,” he added.
Mr. Reyes said this as GCash sets its sights on further expanding to more areas outside the Philippines such as the Middle East, Europe, and other Southeast Asian countries, including Singapore.
“Right now, we are in six markets overseas. We want to expand that further. There are 10 more countries where we want to expand to as soon as we can,” he said.
GCash has a presence in France, Germany, Japan, Australia, Italy, the United States, the United Kingdom, and Canada, with users being able to access the e-wallet using an international subscriber identity module or SIM card.
Meanwhile, Mr. Reyes said GCash’s plan for an initial public offering (IPO) is progressing, adding that the company is already “financially sustainable.”
“The standing order is for us to be IPO-ready. We’re doing everything to make that happen. [The] good thing is we’re financially sustainable as a company, but there are other things that we need to work on to make that happen,” Mr. Reyes said, adding that the timing also depends on the “readiness of the market.”
“We want it to be a good IPO. We’re hoping that it becomes a big one,” he added. — Revin Mikhael D. Ochave