UnaCash growing PH footprint amid m-commerce boom
MANILA -Payments solution provider UnaCash continues to penetrate the provinces to take advantage of the increasing demand for buy now, pay later (BNPL) schemes amid the e-commerce boom. The financial technology (fintech) player is ending this year with 128 branches, up 300 percent from just last July, as it aims to have a bigger slice of the market.
Starting in the National Capital Region, UnaCash has expanded to Bohol, Davao, Pampanga, Nueva Ecija, Cavite, Laguna, Batangas, Rizal, Quezon and Bicol.
The fintech company also onboarded several partner merchants from several industries, including gadgets, appliances and general merchandise.
“Looking ahead to 2024, we aim to further amplify our services, projecting more than a 200-percent increase in our existing roster of partners,” UnaCash head of product Erwin Ocampo said.
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In its recent study, UnaCash noted that the gross merchandise value of items purchased via BNPL options would grow 173 percent by 2024 as more users get comfortable accessing and transacting with e-commerce platforms via their mobile devices.
Article continues after this advertisementREAD: Filipinos warming up to ‘buy now pay later’ payment option, says UnaCash
Article continues after this advertisementBNPL refers to a payment option whereby customers can avail of short-term installment loans at the point of sale.
The use of m-commerce, shorthand for mobile commerce, has doubled in the past five years, UnaCash noted.
“By the end of 2022, more than half of the Philippine population was involved in mobile commerce, with penetration reaching 55 percent. Every year, the percentage of mobile commerce usage increased by an average of 6 percent,” the study showed.
This segment of e-commerce saw an average annual sales growth of 47.4 percent between 2018 and 2022. During the period, the peak was observed in 2019 with 63.4-percent uptick.
With m-commerce gaining momentum, UnaCash estimates the e-commerce market would grow by 84 percent next year.
The study noted that the majority or 30 percent of the Filipinos transacting online are in the 25-34 age group.
“BNPL is consistently on the rise. This can be regarded as a modern digital-era payment solution, not just in the Philippines, which offers convenience to both consumers and its partner merchants by minimizing the initial cost of purchases,” UnaCash president Aleksei Kosenko said. INQ
