“GCredit, the pioneering digital credit facility available via the GCash app, has helped extend the budgets of Filipinos from the onset of the pandemic. We at GCash are mindful of the challenges that 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. 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 lines for emergencies and necessities, others even use GCredit to start their businesses.” ~Martha Sazon GCash President
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 continues to put in necessary safeguards to lessen human interaction due to the pandemic.
GCash, the undisputed leading and preferred mobile wallet in the Philippines, extended over P1.8 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.
Meanwhile, the volume of GCredit transactions during the same comparative periods rose by 54 percent to over 2 million transactions from 1.3 million transactions the previous year.
GCredit, which works like a flexible loan or credit card, gives GCash access to extra budget that they can use to buy groceries from supermarkets like Puregold, medicines from pharmacies like Mercury Drug, and even utility bills.
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 a high GScore are 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.
Today, GCredit may be used to transact with over 17,000 merchants, including billers such as Meralco, Globe Telecom, and Maynilad, among others. GCredit users may also tap their credit lines to pay for their physical transactions via QR or Barcode.
“With the help of GCredit, I was able to finance my small business and grow it to what it is today. I now have a revolving fund that helps me further grow my business.” ~Janine Dessa Pabellosa, A Young Online Seller
Janine Dessa Pabellosa, a young online seller who sells necessary supplies such as face masks and face shields, said GCredit has helped her in funding her small business.
“GCredit is exciting, especially at my age. Even if I have cash on hand, I know that I have a safety net if ever emergencies arise.” ~Adrian Macaraeg, a 46-year-old Call Center supervisor
Others find GCredit as a lifesaver during emergencies. Such is the case for Adrian Macaraeg, a 46-year-old call center supervisor.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.
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