Financial technology (fintech) app GCash said on Wednesday that the volume and value of tax payments made through its platform doubled in the first six months of the year, with its top executive saying that this reflects the growing demand for digital transactions in the so-called new normal.
For the first half of 2020, GCash processed 225,222 transactions for the Bureau of Internal Revenue (BIR), a 90-percent increase from the 118,731 transactions recorded in same period last year. In terms of value, these transactions amounted to P574.89 million, a 117-percent surge from P265.19 million the year prior.
“The surge in both volume and value for tax payments is a reflection that GCash is fast becoming a preferred mode of payment for taxes. Taxpayers opt for a safe and convenient way of paying their taxes. We fully support the government in pursuing a more cashless Philippines, as we all adapt to the new normal,” GCash President Martha Sazon said.
She said this new data from GCash is reflective of the preliminary data that the Department of Finance (DOF) recently reported. According to the report, 77 percent of the BIR’s total tax collections from January 1 to June 15 were done electronically.
“By partnering with the government, we are bringing government services closer to the masses—especially now that we are facing a threat that forces us to limit human interaction. Through our platform, we are enabling people to pay their taxes safely, conveniently, and securely, while empowering the government to process these payments more efficiently.”