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.
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