In 2004, it was reported that 80% of Filipinos remained unbanked. To solve this problem, Globe Telecom entered fintech and launched GCash in 2004 under its subsidiary: Mynt, Globe’s Fintech Innovations.
When Ant Financial invested in GCash, it took a simple payments app and transformed it into a super app that millions of Filipinos now use daily.
In June 2021, GCash reported that it had over 46 million users, higher than its rival Maya with over 38 million users.
This is the story of how GCash became one of the most valuable companies in the Philippines.
What you'll learn in this video
How GCash started
Who owns GCash?
What is Alipay?
GCash's rivals: Maya and Tencent
How big is Tencent?
GCash vs. Maya
Why GCash has an edge over Maya
Why GCash skyrocketed during the pandemic
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GCash and Maya: The fintech race in the Philippines
Today, two apps dominate the digital wallet space in the Philippines: GCash and Maya.
GCash, owned by Globe Telecom through its fintech arm Mynt, grew rapidly by positioning itself as the most accessible financial platform for everyday Filipinos. Maya, formerly known as PayMaya, is backed by PLDT and Voyager Innovations. Both companies share the same goal: bringing financial services to millions of Filipinos who have historically been outside the traditional banking system.
For many years, the Philippines had one of the largest unbanked populations in Southeast Asia. Opening a bank account could be difficult, especially for people living outside major cities or those working in informal sectors. Digital wallets offered a way around that problem. Instead of needing a physical bank branch, people could simply download an app and verify their identity using their mobile phones.
In this environment, both GCash and Maya started racing to build what many now call a financial super app.
Both platforms now offer a wide range of services beyond simple money transfers. Users can pay bills, send money instantly, buy load, shop online, and even access savings accounts, insurance products, and credit. In many ways, these apps are becoming the digital equivalent of a bank branch, but inside a smartphone.
However, GCash has managed to pull ahead in terms of adoption. The platform has built a strong network effect, meaning the more people who use it, the more useful it becomes for everyone else. Small merchants, online sellers, delivery riders, and everyday consumers increasingly accept GCash payments, which reinforces its dominance.
That said, the competition between GCash and Maya continues to push both companies to innovate. Maya has aggressively expanded into digital banking through Maya Bank, while GCash continues to roll out new financial services such as lending, investments, and insurance products.
In the end, this rivalry has helped accelerate the development of fintech in the Philippines. What began as simple mobile wallets are now evolving into full financial ecosystems designed to serve millions of Filipinos who previously had limited access to formal financial services.
Why Tencent matters in this story
To understand why the GCash story matters, it helps to zoom out and look at the larger battle happening across Asia.
In China, two giant ecosystems helped shape the future of digital payments: Alipay and WeChat Pay. Alipay grew under Ant Financial, while WeChat Pay was backed by Tencent. These companies showed the rest of Asia what a mobile wallet could become. It did not have to stop at payments. It could become a platform for bills payment, shopping, transfers, lending, insurance, and even wealth products.
That is why Tencent matters in the Philippine context. Maya’s side of the story often gets discussed alongside the broader influence of Chinese tech giants and their experience building large-scale digital finance ecosystems. GCash, on the other hand, benefited directly from Ant Financial, the company behind Alipay. So in many ways, the GCash versus Maya race is not just a local telecom rivalry. It is also a reflection of two different Asian fintech models competing for the same market.
This makes the Philippine market especially interesting. Filipinos are not just using local wallets built in isolation. They are using products shaped by some of the most influential fintech ecosystems in the world.