GCash will soon add a “Buy Now, Pay Later” services later this year.
The new service is the latest addition to boost GCash’s growing lending portfolio, which aims to address the financial challenges encountered by its users during the pandemic.
“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.
As the name implies, “Buy Now, Pay Later” allows qualified users to make purchases and deferring payment to a later date.
GCash also piloted GLoan, another new service that allows qualified users to borrow as much as P25,000, with repayment spread over 12 months.
ALSO READ: How to withdraw money or cash out from GCash
Among its services, GCash also offers credit, savings, insurance and investment products.
GSave has assets under management amounting to Php 9 billion this year. Meanwhile, GInvest has 70 percent of the domestic market of total Unit Investment Trust Fund accounts. Meanwhile, GInsure has grown fast, accounting for a third of all new insurance policies issued in the Philippines.
As of July 2021, GCash has over 46 million users in the Philippines, growing 2 million from 44 million in June. The company is backed by Globe Telecom and Chinese billionaire Jack Ma, and counts CIMB Bank, Cebuana Lhuillier, AXA (through MicroEnsure), and Singlife among its partners.
