GCash readiness to keep up with surge of Philippine digital economy thanks to AWS partnership
MANILA, Philippines, Aug. 19, 2022 /PRNewswire/ -- The unprecedented growth of the digital economy during the COVID-19 pandemic was a phenomenon that GCash, the Philippines' no.1 mobile wallet app, has been ready for. Thanks to its collaboration with Amazon Web Services (AWS), the e-wallet app was able to further strengthen the skills and expertise of its consultants, engineers, architects, and developers to keep up with the surge of digital transformation in the country.
During the AWS Summit ASEAN, an event attended by technology and business decision-makers to gain knowledge on cloud technology, GCash president and CEO Martha Sazon shared, "as the pandemic hastened the adoption of digital services, it led to the boom of the internet economy. Anticipating the shift to online, we made sure that GCash was ready for the surge and prepared to be a lifeline of Filipinos and Filipino businesses."
The partnership with AWS has facilitated more effective digital business solutions and innovative digital financial services by streamlining its business process, which is crucial in the digitally-driven world. GCash was able to leverage on AWS' well-built framework to minimize expenditures and save approximately USD3.8 million in cloud-related expenses in 2021.
Using advanced robotic processes automation on AWS, GCash was able to swiftly automate its finance processes, enjoying approximately 85 percent improvement in processing time for recount, refunding and resettlement, saving the company more than 2,600 man hours per month.
Sazon emphasized that benefits from using cloud technology has helped GCash further develop its platform to empower Filipinos with the introduction of innovative and accessible financial solutions like GGives, a "buy now, pay later" product, and GCashPera Outlet (PO), its digital solution for micro, small and medium enterprises (MSMEs).
In a separate interview conducted by Foo Boon Ping, the managing editor of the Asian Banker, a leading provider of strategic intelligence and builder of platforms in the financial services industry, Sazon also shared, "we constantly innovate to give Filipinos, especially the unbanked access to financial services and uplift their lives. Through AWS, we empowered millions of Filipinos when the world closed down. We will continue working with AWS as the world slowly continues to open up, and we will continue to provide opportunities to make every Filipino's life better."
AWS ASEAN managing director Conor McNamara also shared his insight on working with GCash.
"When you're moving as quickly as Mynt is, you want to make sure that you're able to scale quickly and support its fast-growing customer base, and they also have a very aggressive product innovation roadmap. We're very focused as well on the training and improving the productivity of developers and making sure that we provide access to our local, regional, and global team so that AWS and Mynt can be as productive as possible in terms of launching new products, access to on-demand cloud infrastructure, and cutting edge services," McNamara said.
With its vision of financial inclusion for all, GCash now has more than 66 million users in the Philippines who trust the app for their essential transactions, which include sending money, buying prepaid load, paying bills, and bank transfer. Aside from these, the e-wallet app also offers a full suite of financial products such as GSave, an online savings bank; GInvest, an easy investment feature; GCredit, a personal credit line with up to P30,000 credit line and up to 3% prorated interest rate, and GLife, the e-commerce feature on the GCash app that allows users to shop exclusive deals from brands across retail, food, gaming, entertainment, and transport.