GCash to introduce 7 per cent interest on deposits

Friday 6 May 2022 15:01 CET | News

The Philippines-based e-wallet GCash has announced it has plans to start offering up to 7% interest rates for new deposit accounts on its app, in partnership with CIMB

The digital wallet provider’s offer comes in response to rivals Maya Bank and Tonik Bank, both digital banks, offering up to 6% interest for time deposits, in an attempt to attract more customers. Once rolled out (estimated on 10 May 2022), it would become the highest interest rate offered by a wallet or a digital bank in the country. 

Currently, GCash counts for over 60 million registered users in the Philippines and 3.5 million merchants and provides a diverse range of financial services, including credit, loans, insurance, savings, and Buy Now, Pay Later (BNPL) solutions to the underbanked population of the country. 

However, despite being one of the Philippines most popular e-wallets, GCash doesn’t have any plans for an IPO in the near future, stating it is more focused on growing its business, launching additional services, and use cases. The company aims to increase digitalisation in the country and stimulate a cashless, digital economy, by catering to individuals who don’t have an open account with a commercial bank.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: e-wallet, digital wallet, digital payments, digitalisation, BNPL, merchant, mobile payments, cashless, IPO
Categories: Payments & Commerce
Companies: GCash, Maya
Countries: Philippines
This article is part of category

Payments & Commerce




Discover all the Company news on GCash and other articles related to GCash in The Paypers News, Reports, and insights on the payments and fintech industry: