Filipino startup PayMongo partners with GCash to provide better financing for Filipinos
PayMongo and GCash are teaming up to boost online credit for Filipinos.
PayMongo, the first local fintech startup backed by Silicon Valley, is partnering with top mobile wallet GCash to provide Filipinos easy access to financing through GCredit. The new payment option allows users to buy essentials and pay later—even without a credit card or with zero balance in their mobile wallet.
The new payment option is now available for all businesses who use PayMongo, as well as customers who pay via GCash. The majority of PayMongo’s merchants are SMEs, most of which sell essential goods like groceries and home supplies.
Here’s a quick video on how to pay using GCash for your PayMongo transactions:
To unlock GCredit, users have to reach a specific GScore—an overall trust score based on a user’s transaction history with GCash. After reaching the score, they just need to tap “Manage Credit” in the GCash App. Take note that only fully verified users can use GCredit as a payment option on GCash-accepting online sites.
“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,” said GCash president and CEO Martha Sazon.
“We’re happy to be able to work with a company who aims for this too.”
For PayMongo CEO Francis Plaza, having GCash as a new payment option enables PayMongo’s merchants to grow while increasing their access to essential goods and services.
“PayMongo’s mission of growing the Philippine digital economy is rooted in giving all businesses the financial tools to easily transact with their customers. 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,” he adds. (Read: Sowing seeds – How PayMongo believes SMEs will drive digital payments in the Philippines)
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