GCash scheme totals P40B by midyear

Ayala-backed mobile e-wallet GCash has disbursed more than P40 billion worth of loans during the first half of the year to bring accessible financial services and products to more Filipinos and aid their recovery from the pandemic.

GCash said Monday that it seeks to make borrowing more attainable for Filipinos in need of financial support through lending products like GLoan and GGives, which has about a million active borrowers as of the end of June.

"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, or 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," she added.

GLoan provides pre-approved access to up to P25,000 cash loans instantly. It does not require any collateral and allows borrowers to choose their payment terms of between 9 and 12 months.

The service is part of the financial super app's suite of services that include cash loans and buy-now-pay-later products. It is the lone double unicorn in the Philippines valued at over $2 billion.

Meanwhile, GGives is a buy now, pay later solution with affordable installment terms of up to 24 "gives" within 12 months.

Users may shop up to P125,000 worth of items at partner merchants to enjoy flexible payments with low-interest rates.
GCredit is a revolving mobile credit line on the GCash app that can also be used to pay for goods and services. Aside from lending, GCash has other financial products such as GSave, GInsure, and GInvest.

In the first half, GCash has breached the P3-trillion mark in gross transaction value, reflecting in the strong growth momentum of the digital financial space.