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Roehl Niño Bautista · · 1 min readAnt-backed Philippine e-wallet eyes BNPL launch
“GCash on Wednesday said it is eyeing to launch a buy now, pay later (BNPL) service this year,” reported ABS-CBN News.
Details:
- The Ant Group-backed firm said that interest-free installment payments will add to its current lineup of offerings, including it’s in-house lending service, which disburses around US$19.8 million in loans every month.
- GCash is also piloting another loan service, offering almost US$500 for borrowers to pay in 12 months.
Dive deeper:
- The Philippines-based firm is looking to ride the BNPL wave in Asia. So far the space has seen investments from PayPal and a Twitter co-founder. (Read also: Is BNPL losing steam?)
- GCash’s plans to enter the pay-later space come after rival Tencent-backed PayMaya acquired a digital banking license in the Philippines.
Editing by Miguel Cordon and Arpit Nayak
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