COVID-19 Impact: Digital Payments Soar in Philippines
According to a Nikkei Asian Review, payment platform GCash witnessed a sharp increase in the number of registered users since mid-March. PayMaya, GCash’s local rival, has also increased marketing campaigns to bolster its footprint. In May, the amount of payments made through GCash was eight times from the figure registered a year ago, the company told the publication.
The Southeast Asian nation had been slow to adopt digital transactions. However, the pandemic is expected to give it the necessary thrust and catch up with its neighboring countries.