GCash extends over P40B in financing to users
E-wallet service provider GCash has extended more than P40 billion in loans and financing to its users to help them recover from the pandemic.
In a statement on Monday, the Ayala-led company said it had a million active borrowers through its GCredit, GLoan and GGives offerings.
“GCash continues to work on making financial services accessible, affordable, and easy to understand by the masses by disrupting traditional banking,” the e-wallet services firm said.
GCredit is a revolving mobile credit line amounting to P10,000 that users can tap to pay for goods and services. It imposes up to 5 percent monthly interest.
GLoan gives borrowers up to P25,000 in cash loans with interest rate of up to 6.57 percent a month.
GGives, meanwhile, is a buy now, pay later solution or installment payment scheme with interest rate of up to 5.49 percent monthly. Users may borrow up to P125,000 worth of borrowings.
As for their savings product, GSave, it has reached over 3.3 million accounts as of end-June.
The digital platform also has sold over 2 million insurance policies to date. Its offerings include coverage for health, vehicles and pets.
“The company’s good performance has been driven by continuous innovation. The services that have disrupted the payment space have further undergone innovations, whether in savings, investing, insurance, and lending,” GCash president and CEO Martha Sazon said.
“We partner with and are trusted by the most innovative and biggest market players as we continue to pursue financial inclusion,” he added.
Recently, GCash said it was expecting to book P6-trillion gross transaction value (GTV) by the end of the year amid the growing number of its users.
The full-year projection translates to nearly double the GTV booked in the past year amounting to P3.8 trillion. In the first half, GCash recorded P3-trillion GTV.
Its consumer base also climbed to 66 million from 60 million earlier this year. This means four out of five adults in the country have a GCash account.
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