Over 7,000 businesses powered by Silicon Valley-backed startup PayMongo are now offering a buy now, pay later payment option through GCash’s credit feature.
In a statement on Tuesday, October 5, fintech startup PayMongo said the feature is now available for the merchants, and for customers who pay via GCash.
PayMongo said the majority of merchants using its payment platform are small and medium enterprises, and many of them sell groceries and home supplies.
“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,” said PayMongo chief executive officer Francis Plaza.
GCredit is GCash’s in-house mobile credit line. A GCash user’s credit limit depends on his or her score, which is dependent on how often the mobile wallet app is used for transactions.
GCash CEO and president Martha Sazon said, “As part of our goal to build a cashless ecosystem in the country, we want to encourage more users to experience how they can maximize their GCredit – it being a safe and reliable option to shop for their essentials.”
In January, PayMongo and GCash partnered in a bid to provide a cashless option to merchants using the former’s platform. – Rappler.com