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As of May 2023, GCash claims to have 81 million active users and 2.5 million sellers and merchants across the Philippines. [2] [3] Since GCash does not have bank status, the ₱500,000 protection of funds deposited in a bank by the Philippine Deposit Insurance Corporation is not available for e-money issuers.
GCash is now valued at $5 billion after Japan’s largest lender, Mitsubishi UFJ Financial Group, acquired an 8% stake for $393 million in early August. Mynt also owns Fuse, a lending app.
Philippine mobile wallet GCash has raised more than $175 million in capital from New York-based private equity fund Bow Wave Capital Management, the financial technology arm of Globe Telecom Inc said.
Key takeaways. Check your balance online, on the phone, through your bank's mobile app, at the ATM and with bank statements. A bank teller can provide account details in person.
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It further cemented its place as the Philippines' # 1 Digital Bank when it announced hauling a deposit base of P25 billion from 2.3 million clients in August 2023. Maya holds a 61% market share of deposits, a 71% share of depositors, and a 46% share of deposit balances among the six digital banks operating in the country as of the first quarter ...
High-yield savings: According to the FDIC, the average savings account interest rate is just 0.45% — just $4,500 annually for a $1 million balance — but high-yield savings accounts offer rates ...
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