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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.
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.
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.
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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 ...
Monthly cash flow from a $1 million annuity varies depending on several factors, including the type of annuity purchased, the age at which the annuity payments begin and current interest rates.
To be sure, $1 million may not be enough if you intend to spend lavishly. However, some retirees may be able to get by on $30,000 in income, in which case you may not need $1 million in order to ...