By Shiela Bertillo
E-wallet Gcash announced the launch of their new service offer “Buy now, pay later” within the year that would increase loan limits and allow deferred payments for purchases. The launch is a part of GCash expansion of its lending business as more Filipinos turn to digital financial transactions.
“As a driver of financial inclusion, our objective is clear, and that is to ease the friction being experienced by unbanked and underserved Filipinos,” President and CEO of GCash Martha Sazon said.
Moreover, the firm is assessing GLoan, a new service that allows qualified users to borrow up to P25,000 with repayments spread over 12 months, which showed the “fastest growing revenue for its category” according to Gcash. (Read More: GCash Crypto? Globe Explores Adding Crypto on Mobile E-Wallet App)
In addition, GCash also said that its Assets Under Management (AUM) for its GSave product has grown to over P9 billion, from P5 billion in 2020 — almost double in just six months.
While its GInvest product, launched last year, has helped GCash immediately get 70% of the domestic market of total UITF accounts in just six months.
GCash’s microinsurance offering GInsure, launched in-app in 2020, now accounts for a third of all new insurance policies issued in the Philippines, the company stated.
GCredit, Gcash’s in-house lending service, disburses P1 billion worth of loans a month on average, with P15 billion worth disbursed as of June 2021.
Recently, Gcash also collaborated with Igloo, a Singapore-based regional insurect firm, to launch the first of its kind online shopping insurance protection. (Read more on: GCash Partners with Igloo for Online Shopping Protection Insurance)
GCash has partnered with neo-bank CIMB Bank for its GSave and GCredit services. Likewise, through GInsure, Cebuana Lhuillier, AXA (through MicroEnsure), and Singaporean insurtech Singlife, have partnered with GCash as insurance providers.
“That said, we are also a highly collaborative institution. Financial organizations that share the same vision are welcome to partner with us; we seek to enable rather than compete with them as we work towards financial inclusion,” Sazon said.
This article is published on BitPinas: GCash to Launch “Buy now, Pay later” Offer This Year