As per the official press release, the aim of the joint venture is to extend cashless and credit payments for Philippine merchants. Following the partnership, businesses in the Philippines can now accept payments via three new payment methods: GCash, GGives, and GCredit – on HitPay’s payment gateway.
GCash is a supper app with millions of users in the Philippines that enables access to financial services like sending money, making donations, and shopping online. Moreover, the app allows its users to pay without needing a physical card or cash.
GGives is an instalment payment method that provides customers with the option to purchase items and then pay for them over time. When customers choose GGives at checkout, they can also opt for a payment plan that aligns with their budget and needs. The value of the purchase is divided into equal payments distributed across several months. GGives handles the payment processing and transfers the funds to the merchant, offering flexibility and convenience for shoppers – whilst purportedly boosting sales for merchants.
GCredit is a payment solution extended by GCash in partnership with CIMB Bank. Its aim is to offer users a credit line directly on their mobile devices. This service grants users access to a revolving credit line of up to around USD 500, with interest rates starting from 0.17% daily and instant approval, without the need for collaterals or extra documentation.
The partnership is anticipated to bring about benefits for HitPay merchants in the Philippines, such as an enhanced checkout experience, good GCash rates, and more payment options for their customers.
HitPay is an all-in-one commerce platform licenced by the Bangko Sentral ng Pilipinas as an Operator of Payment that offers digital payments for SMEs. The platform is reportedly used by thousands of businesses across the Philippines, Southeast Asia, and other global markets.
This is not the first time the payment platform has expanded its payment options for its Filipino users. Earlier in 2023, the company joined forces with BNPL and finance app BillEase to offer card-free instalment payments to customers in the country.
GCash is a super app that allows Filipinos to buy prepaid airtime, pay bills, send and receive money, purchase from over 6 million partner merchants and social sellers, and get access to savings, credit, loans, insurance and invest money.
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