Editing and Additional Reporting by Nathaniel Cajuday
- CIMB BANK Philippines, Inc. announced that its GCredit, a revolving credit line feature on GCash, surpassed 2 million customers in April.
- GCredit, accessed through the GCash app, provides users with a revolving mobile credit line that can be used for cashless payments, bill payments, and online purchases at selected e-commerce merchants.
- Following its milestone, the bank raised GCredit’s credit limit to ₱50,000 from ₱30,000 and reduced the minimum amount due to 10% of customers’ principal balance, down from the previous 15%.
CIMB Bank Philippines, Inc., a commercial bank regulated by the Bangko Sentral ng Pilipinas (BSP), revealed that GCredit, a revolving credit line feature in the GCash app, has reached a “significant milestone” by surpassing two million customers as of April 2023.
What is GCredit?
GCredit, accessible through the GCash app and powered by CIMB Bank since 2021, offers users a revolving mobile credit line that can be utilized as an alternative payment method for various purchases.
A credit line allows users to borrow money at any time to complete their online transactions. Unlike a loan, users have continuous and repeated access to their credit line, but only up to a certain credit limit.
Upon qualification, individuals are assigned a credit limit that can be utilized and replenished by settling the outstanding balance along with the applicable interest charges.
According to CIMB Bank, GCredit activation does not require income documents and can be easily accessed. Once activated, GCredit can be utilized for cashless payments at all merchants that accept GCash QR codes, as well as for bill payments and online purchases at specific e-commerce merchants.
What’s Next for GCredit?
Following GCredit’s two million customer milestone, the bank raised its credit limit to ₱50,000 from ₱30,000, allowing customers access to higher borrowing capacities.
Additionally, the company reduced the minimum amount due to 10% of customers’ principal balance, down from the previous 15%.
These changes aim to provide greater flexibility and convenience for GCredit’s growing customer base, further enhancing their borrowing experience, according to CIMB Bank.
“Through our innovative digital banking solutions and services, we provide Filipinos the knowledge and tools that they need to manage their finances worry-free, so that they can focus on pursuing their life’s purpose,” the bank’s website read.
What’s with the Partnership?
Like GCrypto and its other features, GCash is known for its partnership with various financial institutions to produce in-app features that offer various financial services instead of acquiring its own required licenses.
This seems to be a win-win solution for CIMB Bank, which emphasized that they are “willing to go beyond our job to ensure collective success. We work together and back each other up. We always think of how our actions impact others.”
Meanwhile, for CIMB Bank CEO Vijay Manoharan, GCredit serves as a testament to CIMB’s commitment to this mission, showcasing its ongoing efforts to provide customers with innovative and beneficial financial services.
“CIMB’s unwavering dedication to delivering convenient, accessible, and valuable financial solutions remains steadfast,” he explained.
This was supported by GCash President and CEO Martha Sazon, who stressed that Gcredit would also reduce financial stress and allow the flexible terms that customers have come to associate with GCash.
Other GCash Features Revealed During FutureCast Summit 2023
- GCrypto: The in-app cryptocurrency trading feature of GCash. It has become available to all users nationwide as of April 23, 2023.
- GStocks: GCash’s in-app stock trading platform of the mobile wallet. It has two parts—GStocks Global and GStocks PH.
- GLoan: The in-app lending feature of GCash, offers users a convenient loan solution with the ability to instantly borrow up to ₱125,000.
- GGives: GCash’s in-app installment loan product, offers flexible payment options through installment plans.
- GCash Cards and GCash Cards Visa: The GCash Card is a convenient prepaid card connected to the user’s GCash account, enabling seamless payments and cash withdrawals at various merchants and ATMs.
- GCash Overseas: A special feature that enables Filipinos living and working abroad to register for a GCash account using an international SIM card. Initially launched as a beta test in Japan, Italy, and Australia in February, it later became accessible to select users in the United States. During a recent summit, GCash announced the expansion of GCash Overseas to the United Kingdom and Canada, providing users in these countries with the convenience of conducting international transactions through the platform.
This article is published on BitPinas: CIMB Bank-Powered GCredit on GCash Reaches 2M Customers
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