Mobile wallet GCash is eyeing to launch a “Buy Now, Pay Later” service this year.
In a statement, GCash said the service is aimed at addressing financial challenges encountered by its users during the pandemic and beyond.
“As a driver of financial inclusion, our objective is clear, and that is to ease the friction being experienced by unbanked and underserved Filipinos,” said Martha Sazon, president and CEO of GCash.
“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 said it is also piloting GLoan, a new service that allows qualified users to borrow as much as P25,000, with repayment spread over 12 months.
The service is doing well and has shown the fastest growing revenue for its category, it said.
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 capture 70% of the domestic market of total UITF accounts in just six months.
GInsure, GCash’s microinsurance offering launched in-app in 2020, now accounts for a third of all new insurance policies issued in the Philippines, the mobile wallet said.
The company’s in-house lending service GCredit, disburses P1 billion worth of loans a month on average, with P15 billion worth disbursed as of June 2021.
GCash has partnered with neo-bank CIMB Bank for its GSave and GCredit services.
Cebuana Lhuillier, AXA (through MicroEnsure), and Singaporean insurtech Singlife, have likewise partnered with GCash as insurance providers through GInsure, it said. —LBG, GMA News
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