Newcomer e-wallet Starpay Corp. plans to enter the online lending business by offering installment payments for utility bills.
The firm owned by bilyonaryo Joey Uy told the Philippine Daily Inquirer about its plan to capitalize on the “buy now, pay later” service offered to shoppers of big-ticket items such as appliances and gadgets.
“[S]ometimes, the people don’t even have enough to pay for the essentials,” Starpay head of strategy Jan Adrian Chan.
“We see that there is a very strong need to provide additional financial services to the marginalized,” he added.
Chan said the firm is in talks with credit scoring companies and financial institutions on how to provide more financial services to poor Filipinos.
Starpay expects its customer base to expand to eight million by the end of the year from the current 6.8 million. Its app currently offers money transfers, mobile loading, and bills payment.