ACCESSIBILITY. To help unbanked Filipinos, especially in times of emergency, GCash has introduced new loan products – Gloan and GGives – to combat predatory rates from informal lenders. (Sunstar file)
GCash mobile wallet, led by GLOBE, is committed to making loans more accessible.
Powered by its in-house GScore trust platform, GCash aims to expand financial services through its two new lending products GLoan and GGives to combat predatory rates from informal lenders.
GCash launched GLoan as a fast loan offer with affordable and fair rates.
Just six months after launch, Sazon said, GCash was able to disburse up to 1 billion pesos in loans.
GCash has also increased its lending even further by focusing on its newest product GGives, a “buy now, pay later” proposition to provide credit to over 2% of the population with accessible installment options.
“We want to help address a real concern of unbanked Filipinos, which is having money readily available when they need it, especially in an emergency,” said GCash President and CEO Martha Sazon, during a virtual press conference.
GCash now has 55 million registered users, 4.5 million merchants and social sellers, 290 GLife merchant partners and approximately 174,000 deposit and withdrawal agents. It also more than tripled its gross transactions processed to 3.8 trillion pesos in 2021 from the record high of 1.2 trillion pesos recorded in 2020.
“As we integrate digital financial services into the lives of every Filipino, we have also proven our ability to scale as a sustainable business. We are proud to report that we achieved positive annual earnings before interest, taxes, depreciation and amortization, and reached profitability three years ahead of target, making Mynt one of the few fintechs in the world capable of make money,” Sazon said.
As of 2021, GCash is the only dual unicorn in the Philippines.
Meanwhile, GCash Chief Customer Officer Winsley Bangit said the e-wallet service solves the difficulty unbanked Filipinos have in applying for traditional financial services.
“They find it intimidating to go to a physical bank; more so, they do not have the necessary documents to open such accounts. It is for this reason that we have ensured that these services are accessible and democratic through technology,” Bangit said at the 51st National Marketing Conference recently organized by the Philippine Marketing Association.
GCash only requires one piece of ID to open an account with no minimum deposit requirement. Opening an account is done digitally and only takes a few minutes. It can be completed anytime, anywhere.
Bangit said GCash will continue to educate Filipinos on using its digital payments, transfers and finance services, and build consumer confidence to attract more users and help the country transition to a cash economy.
The Bangko Sentral ng Pilipinas has pledged to shift 50% of total retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70% by 2023 as part of its roadmap. road for digital payments transformation.