AYALA-LED Globe Telecom is targeting to grow its GCash active users to 20 million in the next few years.
Ernest Cu, Globe chief executive officer and president, told reporters on Friday at the launch of a partnership with SM Store that Globe’s e-cash services provider is aiming to increase the number of its active users from 5 million subscribers this year to 20 million in five to seven years.
Cu said it might take the same period of time to see revenue growth from its GCash unit.
“In China, it took five to seven years before things did happen. Today we’re not even looking at revenues at the moment. We’re looking at building an active user base. We’re looking at making the experience more convenient, more relevant to people,” he said.
Cu added the telco is aggressively widening its merchant base in the country by tapping corporations on the retail side.
“From there we’ll see what happens with the revenues,” he said.
Under the partnership with SM Store launched last Friday, shoppers can use their smartphones to purchase at all SM Store outlets and information booths of SM Malls across the country.
GCash has also closed deals on the use of the QR code payment system with Robinsons Department Store and Ayala Malls, particularly at the latter’s Glorietta mall.
Cu added that GCash is also looking at introducing its cashless payment system in the grassroots market, such as public markets and sari-sari stores.