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GCash eyes launching 'Buy Now, Pay Later' service this year

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="GCash said it is eyeing to launch a " Buy="" Pay="" service.="" ABS-CBN="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/ancx/culture/2021/10/ginvest.png"/><figcaption>GCash said it is eyeing to launch a &#x27;Buy Now, Pay Later&#x27; service. ABS-CBN News</figcaption></figure></div><p>MANILA - GCash on Wednesday said it is eyeing to launch a Buy Now, Pay Later (BNPL) service this year.</p><p>BNPL is a short-term financing service that lets consumers buy items and pay for them at a future date, often interest-free. The payment scheme has become increasingly popular for online purchases in other countries. </p><p>Japanese BNPL pioneer <a href="https://news.abs-cbn.com/business/09/08/21/paypal-buying-paidy-japanse-buy-now-pay-later-for-27-b">Paidy </a>is being acquired for $2.7 billion by global payments giant PayPal, while Twitter founder Jack Dorsey is buying Australian BNPL leader <a href="https://news.abs-cbn.com/business/08/02/21/twitters-dorsey-leads-29-b-buyout-of-lending-pioneer-afterpay">Afterpay </a>for $29 billion.</p><p>GCash said the move to BNPL is part of its expanding array of financial services. </p><p>The company said its in-house lending service GCredit, already disburses P1 billion worth of loans a month on average, with P15 billion worth disbursed as of June this year. </p><p>The Ayala-led fintech said it is also piloting GLoan, a new service that allows qualified users to borrow as much as P25,000, with repayment spread over 12 months. </p><p>“The service is doing well and has shown the fastest growing revenue for its category,” GCash said. </p><p>“As a driver of financial inclusion, our objective is clear, and that is to ease the friction being experienced by unbanked and underserved Filipinos,” said Martha Sazon, President and CEO of GCash.</p><p>The explosive growth of GCash, which reportedly had 46 million users as of July, is credited for driving the recent surge in the <a href="https://news.abs-cbn.com/business/08/25/21/philippine-stocks-surge-led-by-telcos">stock price</a> of parent firm Globe Telecom.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/18/21/gcash-says-transactions-hit-p300-billion-a-month">GCash says transactions on platform hit P300 billion a month</a></li>	<li><a href="https://news.abs-cbn.com/life/05/20/21/gcash-introduces-new-products-services-for-2021">GCash introduces new products, services for 2021</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1780078" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div><br/> </div>

Buy Now, Pay Later is a short-term financing service that lets consumers buy items and pay for them at a future date, often interest-free. 