GCash, the Philippines’ major e-wallet, focuses on crypto transactions

According to reports, GCash, the main digital wallet in the Philippines, is considering launching an encrypted transaction service.

Martha Sazon, CEO and President of GCash, announced that the company is considering providing users with the ability to buy, sell, and store cryptocurrencies such as Bitcoin.Bitcoin) On its platform.

In an interview with the Philippine Stars on Monday, Sasson Say GCash is exploring cryptocurrency trading to keep up with the pace of financial innovation. “Although we may now be seen as disruptors, in this digital age, it is important that we should pay attention to all types of disruption. It is important to know what the trend is, whether it is local or global, encryption is part of it. “she says.

Sazon said the company is looking for potential integration options and related partnerships through which encrypted transactions can be introduced. “Just like in any introduction, you need a platform, an effective business model, a partner, and once these are met, maybe,” Sazon said.

According to Sazon, GCash is one of the most popular e-wallet platforms in the Philippines, and at least 40% of Filipinos have GCash accounts. The platform is operated by the financial services company Mynt, a subsidiary of Globe Telecom, which operates the largest mobile network in the Philippines.

As GCash’s user base grows significantly on the platform, the company may enter the cryptocurrency industry peak Customers increased from 33 million to 40 million in February, an increase of more than 20%. “We will continue to innovate to provide relevant and accessible financial services for everyone,” Sazon pointed out.

If GCash adopts encryption services on its platform, the company will follow similar moves by some of the world’s largest digital wallet and payment service providers such as PayPal, Square, Venmo and Revolut.Paypal Launched the first encryption service At the beginning of last year U.S. residents allowed Buy, sell and hold cryptocurrency.