Cashalo Introduces Cashacart – The Philippines’ First-ever Digital Basket Consumer Finance Solution


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  • Consumer can apply for digital credit at 0% interest
  • Approval in as fast as 10 minutes
  • Available across a retail network of 250 partner stores

Cashalo, the Filipino fintech company committed to accelerating financial inclusion for all, today announced the launch of Cashacart, the Philippines’ first-ever, O2O (offline to online)  basket  financing  solution.

With  Cashacart,  Filipino  consumers  can  access  digital  credit  at  0% interest, for all their specific shopping needs via the Cashalo app and across a growing network of 250 retail partners  –  which  include  Robinsons  Appliances,  Robinsons  Department  stores,  Handyman,  Oppo,  Cherry Mobile, and Memoxpress. Loans start at PHP 2,000 up to a maximum of PHP 19,999.

Unlike  traditional  consumer  financing  solutions  that  are  restrictive,  Cashacart  gives  consumers  the freedom  and  flexibility  to  purchase  multiple  products  that  they  need  whether  it  be  appliances, electronics, household items, apparel, or school supplies and choose from a variety of payment options.

The entire process is completed within minutes in a few easy steps: simply visit a Cashalo partner store and  look  out  for  a  Cashalo  representative  who  will  help  them  complete  a  digital  application  in  a  few minutes. The application requires you to submit basic personal information and a valid ID. A customer then chooses a loan amount and payment terms of their choice. Upon approval a customer can shop for their basket of goods up to a value of the digital credit they have been approved for.

Consumers  in  the  Philippines  have  been  clamoring  for  just  this  kind  of  innovative  financing  solution. Recently, Ms. Rose Ong, the newly elected president of the Philippine Retailers Association stated that, the share of online shopping in the country was only about 1-2% of total retail sales, and according to research by RF Group, 80% of online sales are still cash on delivery.

“We  know  that  millions  of  consumers  still  appreciate  the  physical  retail  experience  but  want  greater flexibility  in  how  they  pay,”  says  Hamilton  Angluben,  General  Manager  of  Cashalo.  With  Cashacart, we’re  able  to  give  hardworking  Filipinos  unrivalled  financial  freedom  and  flexibility,  serving  them wherever they are, both offline and online.”

Gerard Betita, Head of Sales, Cashalo added: “We are thrilled to launch the Philippines’ first-ever O2O basket  consumer  finance  solution.  Since  our  pilot  two  months  ago,  we’ve  received  an  overwhelming response  from  customers  who  are  amazed  by  the  convenience,  transparency  and  flexibility  Cashacart provides. We’re excited to expand our network of retail partners in the months ahead to serve even more Filipinos.”

Through Cashacart, consumers have access to:

  • digital credit between PHP 2,000 up to a maximum of PHP 19,999
  • a service that is paperless, collateral-free and available via their own mobile device
  • 0% interest or as low as 3.99% monthly interest rate (depending on the product)
  • approval in as fast as 10 minutes

Consumers  can  also  access  the  Cashacart  financing  solution  through  the  Cashalo  app  which  can  be downloaded on the Apple and Google Play mobile app stores.


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Gabriel

Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.