FOR a service that was launched back in 2005, GCash has survived the transition from an SMS money transfer service to dominating in the e-wallet market in the Philippines.

This dominance has been aided by a large unbanked population, as well as the strength of its investors - conglomerate Ayala, Globe Telecom and Ant Financial.

GCash currently holds court over the Philippine e-wallet market with a 49.4 per cent market share, with rival PayMaya a close second at 41.9 per cent, according to the Mobile Wallets Report 2021 by payments company Boku. GCash’s parent company is Mynt, which is backed by Globe, Ayala and Ant owning a stake in it.