E-wallet service GCash is preparing to introduce a new “Buy Now, Pay Later” feature later this year.
Once launched, the new feature allows qualified users to buy items and put off payment at a future date. The feature serves as a solution for addressing financial challenges experienced by GCash users amid the pandemic.
According to GCash President and CEO Martha Sazon, the e-wallet service is “a driver of financial inclusion” that serves the unbanked, underserved Filipino consumers.
The upcoming BNPL payment scheme is part of several new products by GCash to grow its lending portfolio. GCash recently introduced GLoan for eligible customers who could borrow as much as Php25,000 and pay the amount in installments spread over a year.
There’s also the revolving mobile credit line known as GCredit that, as of June 2021, has disbursed Php15 billion. GCash also announced that its microinsurance GInsure has already snagged one-third of all new insurance policies issued in the Philippines, a feat it managed to achieve in less than a year since it was launched.
As of July 2021, GCash claims to have 46 million users. Its partners for several of its services include Cebuana Lhuillier, Singapore-based digital-first insurance company Singlife, and neo-bank CIMB Bank.