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December 23, 2020

Robocash rolls out buy now pay later service in Philippines

Robocash Group has boosted in presence in Asia by launching its buy now, pay later service UnaPay in the Philippines.

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The new service will allow the group’s customers to offer instalment plans for online and offline shoppers in the Philippines.

The company said that the service will allow users to make purchases on the Lazada e-commerce platform with up to 12 instalments due every two weeks.

Users can also apply for a virtual credit amount of up to £467.1 on UnaPay, the company added.

The approval process will take five minutes, the company claims.

Once approved, the funds will be credited to the customers’ Lazada e-wallet within 24 hours.

Robocash Group CEO Sergey Sedov commented: “We see a big potential in the new product, as there is a high demand for alternative financial services among Filipinos.

“More than 50 million people remain unbanked, but many of them need additional funds.

“For example, our recent survey showed that over 50% of Filipinos borrowed money from family or friends in 2020. At the same time, the Philippines has a significant share of smartphone (64%) and Internet (70%) users. It means that most of the population has an opportunity to access financial services online to meet their immediate spending needs.”

Robocash said that it plans increase the number of active merchants using UnaPay, which may touch several hundreds by the end of next year.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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