More than just a mobile payment app: GCash extends P40B in loans as of June

The Ayala family’s ewallet gave out more than P40 billion worth of loans from January to June as it continued to expand its offerings.

With GCredit, GLoan and GGives, GCash has logged one million active borrowers as of end of the first half.

“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,” said Martha Sazon, GCash president and CEO.

“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.

On the other hand, GGives is a buy now, pay later solution with affordable installment terms of up to 24 “gives” in 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.

As of the first semester, GSave accounts reached more than 3.3 million, with one in five banked Filipinos already having a GSave account.

Insurance provider GInsure, meanwhile, sold more than 2 million policies to date. It has more than 24 product offerings, from health and online shopping to vehicles and pets, as it has partnered with more than 10 reputable names in the industry.

Meanwhile, investment marketplace GInvest has registered more than 3.4 million investors in the first semester, with around one out of five mutual fund investors in the country already on the GInvest platform. It also has seven local and global funds.

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