GCash was eyeing to launch its “Buy Now, Pay Later” service this year.
Mobile wallet GCash was eyeing to launch its new “Buy Now, Pay Later” service to address financial challenges encountered by its users during the pandemic and beyond.
GCash President and CEO Martha Sazon said that their objective was to ease the friction being experienced by underserved and unbanked Filipinos.
“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.
GCash also said that it was also piloting GLoan — a new service that will allow qualified users to borrow as much as PHP 25,000, with repayment spread over 12 months.
The said service, according to GCash, was doing well and had shown the fastest-growing revenue for its category.
READ ALSO: GCash Exploring Possibility Of Adding Cryptocurrency
In addition, GCash said that its Assets Under Management (AUM) for its GSave product had grown to over PHP 9 billion, from PHP 5 billion in 2020 — almost double in just 6 months — while its GInvest product had helped GCash immediately capture 70 percent of the domestic market of total UITF accounts in just 6 months.
GCash also said that GInsure already accounted for a third of all new insurance policies issued in the country, while GCredit disbursed PHP 1 billion worth of loans a month on average, with PHP 15 billion worth disbursed as of June 2021.
GMA News Online reported that GCash had partnered with neo-bank CIMB Bank for its GSave and GCredit services.
According to GCash, AXA (via MicroEnsure), Cebuana Lhuillier, and Singaporean insurtech Singlife have likewise partnered with the mobile wallet as insurance providers via GInsure.
Prior to this, Sazon said that GCash was looking into offering, selling, buying, and storing cryptocurrency.
For more news and updates, you may feel free to visit this site more often. You may also visit Newspapers.ph via our official Facebook page and YouTube channel.