Cashless is Queen: Spearheading the Digital Economy Through GCash, According to Mynt President and CEO Martha Sazon

While GCash grew in popularity during the pandemic, Mynt President and CEO Martha Sazon reveals how the app has become so much more—a catalyst for a cashless Philippine economy.

With millions of users to date—and three times the number of Filipino users versus its pre-pandemic numbers—GCash has undoubtedly established itself as a popular mobile wallet and financial services platform. In fact, it proudly holds the title of the #1 Finance Super App in the Philippines with the most downloads and the highest number of monthly active users.

Established in 2005—first as a short messaging service (SMS) platform in 2005 when texting was the main mode of communication—GCash underwent a transformation in 2012 when it was the first to introduce the QR payment system in the Philippines. More than that, GCash made its mark during the pandemic. At a time when lockdowns and restrictions put the country at a standstill, the app was the go-to for buying essentials, for businesses to buy and sell, and for donations to be sent to loved ones or those in need.

But even now, it is still going strong—both as a catalyst for a cashless economy and to provide financial inclusion to Filipinos everywhere.

"While GCash has empowered millions of Filipinos with access to financial services, we are seeing that our impact goes beyond the total number of accounts opened—to now disrupting the demographics of account ownership," Martha Sazon, the President and CEO of GCash, says proudly.

In this exclusive interview with The Business Manual, she shares how GCash plans to do just that.

Hitting the Ground Running

Known for her grit, tenacity, and deep knowledge of the Filipino consumer, Martha's sharp business acumen and unique brand of leadership were honed by her experiences in various industries. "Right after college, my first job was in banking. Although the pay was really good, I realized that I had a passion for marketing and I was willing to take a pay cut just to move," Martha begins.

"I worked in different industries such as food, [over-the-counter] OTC drugs, personal care, and telecommunications," she adds. "My career path never allowed me to stay too long in the same position—always moving [and] being tasked to transform different businesses."

In fact, before her tenure in GCash, Martha made a name for herself at Globe—the super app's parent company—where she worked for over 11 years. But at the height of the pandemic in 2020, she was tasked to take charge of GCash. "To be honest, I was a little reluctant when I was asked to head GCash because of my lack of previous experience in finance and tech," she confesses.

Nevertheless, her philanthropic spirit fired her up. "The task was daunting, but mostly, I was excited about the opportunity to have a positive impact on the Filipino community."

Transforming GCash From Within

Beyond shaping Martha's brand of purpose-driven leadership, her twenty-plus years of corporate experience have equipped her with the know-how to tackle many of the industry's pain points. "I've realized that the challenges are the same in every industry," she notes. "For example, in every industry, you will need to figure out how to get your product into the hands of more people, how to communicate with your customers, and how to lead your team to success."

This, paired with her razor-sharp focus on customer-centricity and innovation, has allowed her to shape the culture of GCash—transforming not just the culture into a collaborative one, but also changing the very ethos of the brand.

How? From just "Finance for All" to adding a purpose-driven vision of “Making Filipinos’ Everyday Lives Better,” paired with the philosophy of “Innovation for Good.”

"Our journey to financial inclusion has been quite a ride, the challenges brought out the best in me, and in all of us," she shares. "GCash is made up of individuals who are passionate, and who bring their unique strengths to make an incredible team that strives to make our vision of 'Finance for All' a reality."

For this to happen, GCash needed to do two things: make financial services more accessible to Filipinos and to be omnipresent in their financial journey.

"We continue to help change a country where financial services have long only been for the upper class," the CEO reveals. "Today, 85% of GCash users are from the CDE economic brackets, 55% are female, 60% are aged 19 to 35 years old, and 70% are from outside Metro Manila."

As for empowering Filipinos in their financial journey, Martha shares that "The majority of our users may have started using GCash for easy digital payments and money transfers, but now they also use our financial services to save or invest!"

Building GCash for Success

Building a strong brand, according to the multi-hyphenate, "starts with its ability to deliver on its promise or simply for your 'product to work.'" In fact, this was how GCash built its momentum during the pandemic—when Filipinos discovered its ease and convenience in a great time of need.

And this has done wonders for the super app, as the brand GCash became a verb associated with paying for a product or service. "Na-GCash ko na," or "I-GCash mo yan!" as some would say. The result? A strong brand recall that matched an equally strong demand for the app.

But for this product to work in a country that was slowly opening up to technology and what it has to offer, that meant educating and making the concept more approachable to the general audience—which Martha notes is what GCash endeavors. "As I ventured into this space, I realized that a common practice for tech companies is that they tend to use more technical jargon in their user experience. This is because they’re normally run [by] 100% tech folk," she points out.

"At GCash, we took a different approach. More often than not, we follow a 3-step rule: When creating a product, users need to avail it in 3 simple steps or it won’t work. This was important knowing that digital financial services were new and intimidating for the masses," the CEO adds.

Sharing Real Experiences From Real People

Financial empowerment and spearheading a cashless economy, however, start with an openness for technological advancements—translated into embracing the concept of digitalization. For this to happen, the super app launched its latest campaign: GCash stories, which chronicle real-life experiences of GCash users as proof of the super app's efficacy in helping people.

In fact, the company started with the success story of Filipinos who have started businesses from the ground up through the app, along with sharing inspiring stories of how the app has helped those in need.

"I’ve had the privilege to share the GCash story with many countries around the world—[like] Barcelona, London, Dubai, New York, and Singapore, just to name a few," Martha beams. "It’s humbling to see how we’ve somehow inspired a lot of audiences. Not because we are the most technologically advanced company out there, but because of the impact we have on the lives of millions of Filipinos and how we’ve helped transform the nation."

In fact, this is why the company boasts millions of users and a loyal customer base. "What sets us apart from other fintech in this space is the combination of three things: one, [a] deep understanding of our customers, [as] they are our North Star that guides us every day; and two, extensive knowledge of the Filipino market, [thus] allowing us to capture opportunities to disrupt the Philippine financial services landscape through innovation for good."

But more than that, Martha credits her diverse GCash team. "Since day one, I’ve been excited to go to work because I was surrounded by some of the most energetic, brilliant, and purpose-driven in the GCash team. "All of them have bought into the company’s purpose of 'Making Filipinos’ Everyday Lives Better', which hopefully shows in the products that we launch and the process we create."