ONLINE payments provider PayMongo Philippines, Inc. announced on Thursday its partnership with GCash.
The partnership aims to offer GCredit on the PayMongo platform to allow consumers to buy essentials and pay later, the payment processing company said in an e-mailed statement.
“GCredit is now live for around 7,000 businesses who use PayMongo and available for customers who pay via GCash,” it added.
GCredit can give customers up to P10,000 credit line and for as low as 1% interest rate, according to the official website of GCash.
PayMongo said small and medium-sized businesses make up the bulk of its merchants, and they primarily deal in the sale of essential goods.
“To activate GCredit, users simply need to tap ‘Manage Credit’ in the GCash App, complete their profile, verify their e-mail, and wait for the activation e-mail. Only fully verified GCash users can use GCredit as a payment option on GCash-accepting online sites.”
Martha M. Sazon, president and chief executive officer of Mynt (Globe Fintech Innovations, Inc.), the fintech arm of Globe and operator of mobile wallet GCash, said her company’s goal is to encourage more users to experience how they can maximize their GCredit.
“Our partnership to offer GCredit via PayMongo expands the payment options our merchants have to offer their customers. At the same time, it empowers more Filipinos to buy their needs, especially those who do not have immediate access to funds,” PayMongo Chief Executive Officer Francis Plaza said. — Arjay L. Balinbin