AdChoiceTV News — Mobile wallet GCash has extended over P8 billion in much needed credit to its customers to date through its digital credit facility.
The amount extended through GCredit was a significant jump from the roughly P5 billion reported in June, and has benefitted over 900,000 customers since its inception.
GCash said GCredit, which was launched in March 2018, has gained popularity during the pandemic, with users extending their budgets for their groceries and payment for their utility bills.null
The company said the growth in this service demonstrates the positive disruption being provided by financial technology in the country, offering vast convenience to its customers.
GCredit is the pioneering mobile-first digital credit facility powered by Fuse Lending Inc. that helps extend the budgets of GCash users.
It is of the many innovative features of GCash where users are enabled to borrow amounts within a certain credit limit from GCash to pay for goods, services and bills to partner merchants and billers. It serves as a preferred easy-access and hassle-free option to borrowing compared to traditional bank loans or credit cards.
GCredit is a revolving credit facility that can be tapped when a GCash user has a healthy GScore.
GCash users earn points in their GScore whenever they use the mobile wallet to settle any payment or even when simply cashing in.
Any GCash user with an eligible GScore is entitled to use GCredit. The higher the GScore is, the higher the credit limit that a user can tap.
A GCash user may have access to up to P10,000 in credit line with a low prorated daily interest rate.
While it is similar to a credit card, GCredit does not require users to submit extensive documentary requirements and wait in long lines to gain access to the revolving credit facility.
GCash earlier said it has partnered with over 17,500 merchants to accept GCredit as a mode of payment. This allows GCash users to use a revolving credit facility to purchase goods and services, especially during emergencies.
GCash president and CEO Martha Sazon said GCredit is only one of the many ways the mobile wallet is revolutionizing the way Filipinos handle their money.
As of November last year, three million GSave accounts have also been opened, demonstrating how banking behavior is shifting to traditional branch visits to simply transferring to a digital savings account.
“Aside from regular financial transactions such as money transfer and bills payments, we’ve noticed shifting behaviors on how money and digital money is being used, namely on entertainment, savings, donations, and online shopping,” Sazon said. — via Irvin Chua / AdChoiceTV News