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Saturday, August 15, 2020

GCash extends over P2B in microcredit facility in H1

GCash, the leading and preferred mobile wallet in the Philippines has extended over PhP2 billion of microcredit facility during the first half of the year through its sister company Fuse Lending, helping stretch the budget of Filipinos amid the national health situation.

The value of GCredit transactions is double versus a year ago, showing that Filipinos are now more adapting to the digital lifestyle, as the government implements necessary measures to safeguard the people and lessen physical interaction due to the pandemic.

Meanwhile, the volume of GCredit transactions during the same comparative periods rose by 54% to over 2 million transactions from 1.3 million transactions the previous year.


"GCredit, the pioneering digital credit facility available via the GCash app, has helped extend the budgets of Filipinos face during these trying times, and providing them with a flexible, affordable, and convenient credit facility is one of our ways of helping them cope with the effects of the health situation," said Martha Sazon, GCash President.

GCredit, which world like a flexible loan or credit card, gives GCash access to extra budget that they can use to be groceries from supermarkets like Puregold, medicines from pharmacies like Mercury Drug, and even utility bills.

While it is similar to a credit card, GCredit does not require users to submit extensive documentary requirements and wait long lines to gain access to the revolving credit facility.

Today, GCredit may be used to transact with over 17,000 merchants, including billers such as Meralco, Globe Telecom, and Maynilad. GCredit users may also tap their credit card lines to pay for their physical transactions via QR or Barcode.

"GCredit is available to over 20 million GCash users. The always-ready credit line is easy to access and use, and offers low and flexible interest rates. GCredit users often use their credit card lines for emergencies and necessities, others even use GCredit to start their business," added Sazon.

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