GCash, the mobile wallet of Globe Telecom, said Monday it disbursed more than P40 billion worth of loans as it expanded its lending products.
GCash said with GCredit, GLoan and GGives, it logged one million active borrowers as of end-June.
“The company’s good performance has been driven by continuous innovation. The services that have disrupted the payment space have further undergone innovations, whether in savings, investing, insurance and lending,” GCash president and chief executive Martha Sazon.
“We partner with and are trusted by the most innovative and biggest market players as we continue to pursue financial inclusion,” she said.
GLoan provides pre-approved access to P25,000 cash loans instantly. It does not require any collateral and allows borrowers to choose their payment terms of between 9 and 12 months.
GGives is a buy now, pay later solution with affordable installment terms of up to 24 “gives” in 12 months. Users may shop up to P125,000 worth of items at partner merchants to enjoy flexible payments with low interest rates.
GCredit is a revolving mobile credit line on the GCash app that can also be used to pay for goods and services.
GCash has other financial products such as GSave, GInsure and GInvest.
GSave accounts reached more than 3.3 million, with one in five banked Filipinos already having a GSave account as of the first semester.
Insurance provider GInsure sold more than 2 million policies to date. It has more than 24 product offerings, from health and online shopping to vehicles and pets, as it teamed up with more than 10 reputable names in the industry.
Investment marketplace GInvest registered more than 3.4 million investors in the first half, with around one out of five mutual fund investors already on the GInvest platform. It also has seven local and global funds.
GCash is the leading e-wallet service in the country and is the only double unicorn startup in the Philippines with a valuation of $2 billion.