GCash, the undisputed leader and preferred mobile wallet in the Philippines, has empowered its over 20 million users to transact with over 17,500 establishments via GCredit, the pioneering mobile-first digital credit facility powered by Fuse Lending, Inc. that helps extend the budgets of GCash users.
As the demand for more digital services continuously rises amid the pandemic, GCash has partnered with over 17,500 merchants to accept GCredit as a mode of payment. This allows GCash users to use a revolving credit facility to purchase goods and services, especially during emergencies.
“GCredit is broadening the possibilities for all of us. GCash through GCredit is offering a revolutionary way to still keep our lifestyle, provide for our needs and achieve our goals when we have less resources compared to the pre-pandemic period,” GCash President Martha Sazon said.
GCredit is one of the many innovative features of GCash where users are enabled to borrow amounts within a certain credit limit from GCash to pay for goods, services and bills to partner merchants and billers. It serves as a preferred easy-access and hassle-free option to borrowing compared to traditional bank loans or credit cards.
GCredit is a revolving credit facility that can be tapped when a GCash user has a healthy GScore, the first trust score in the country. GCash users earn points in their GScore whenever they use GCash to settle any payment or even when simply cashing in.
Any GCash user with an eligible GScore is entitled to use GCredit. The higher the GScore is, the higher the credit limit that a user can tap. A GCash user may have access to up to P10,000 in credit line with a low prorated daily interest rate.
While it is similar to a credit card, GCredit does not require users to submit extensive documentary requirements and wait in long lines to gain access to the revolving credit facility.
“We at GCash are cognizant that many Filipinos are struggling to make both ends meet. GCredit seeks to provide a modest relief for Filipinos to still be able to pull through during these challenging times, while also contributing to the rally of financial inclusion in the country,” Sazon added.
The in-app borrowing facility is an essential tool for Filipinos in surviving the COVID-19 pandemic as evidenced by the surge in GCredit availments during the Petsa de Peligro week or the days leading to the pay day when employees struggle with their remaining cash at hand.
GCash account holders use GCredit to do QR code payments for grocery runs and pharmacy purchases, as well as settling home bills such as electricity, telephone and internet lines.
“We have seen strong growth of GCredit usage throughout the country. We at GCash continue to complement the country’s ability to still persist and be resilient in the face of challenges. We continue to expand our current offerings like GCredit and create key services for the wise and flexible Filipino,” Sazon added.