MANILA – With a goal of helping ease the financial woes of Filipinos amid the pandemic, fintech startup Mynt will be introducing the “buy now, pay later” service feature on mobile wallet GCash app.
“We want to create something more compelling and relevant than what’s currently available,” Mynt CEO Martha Sazon said on Thursday in response to questions from the Philippine News Agency.
The new service feature will be launched this year, although Sazon said she couldn’t give a specific date yet.
In the Philippines, an e-commerce platform has been offering the same scheme, applying interest rates of 1 to 5 percent per month on total orders. It also charges a processing fee of up to 2 percent per transaction amount.
Asked how Mynt’s new service differs from what’s currently available in the market, Sazon said they make sure their products have competitive rates. “We make sure that our products (offer) seamless customer experience and competitive rates, if not best-in-class,” she remarked.
Mynt operates GCash, which now has 46 million users.
Apart from the various financial services that one could avail of through the app, Mynt has been piloting the “GLoan”, allowing users to borrow up to PHP25,000, with repayment spread over 12 months.
About PHP1 billion average worth of monthly loans are being disbursed via the in-house lending service, GCredit. As of June 2021, GCredit has already disbursed a total of PHP15 billion worth of loans.
GCredit is like a pre-approved credit card for online purchases, bills payment, without traditional documentation requirements.
“As a driver of financial inclusion, our objective is clear, and that is to ease the friction being experienced by unbanked and underserved Filipinos. Financial organizations that share the same vision are welcome to partner with us; we seek to enable rather than compete with them as we work towards financial inclusion”, Sazon said in a statement on Wednesday. (PNA)