The innovative Filipino fintech company dedicated to accelerating financial inclusion in the Philippines, Cashalo, formally sealed a strategic alliance with the country’s pioneer and market leader in the outsourced payment collection industry, CIS Bayad Center, Inc. With this partnership, millions of Cashalo app users can now settle their repayments in all of Bayad Center outlets through its authorized and corporate partners nationwide.
“We are thrilled to partner with Bayad Center to extend the reach of our services to more underserved and underbanked Filipinos. Bayad Centre is one of the most trusted brands in bill payments and its extensive nationwide network allows us to ensure unmatched utility, accessibility, and convenience for millions of our customers,” said Cashalo General Manager Hamilton Angluben. “As we look to accelerate financial inclusion for the Philippines, we are excited to join forces with organizations like Bayad Center who share this mission.”
Cashalo offers a suite of purpose-built digital credit products designed to meet the needs of unbanked and underserved Filipinos. With Cashalo’s Shop Now and Pay Later feature consumers can purchase a ‘basket’ of goods in any of its over 600 offline merchant partner retail stores using digital credit (up to a maximum of PHP 29,999). Consumers can get pre-approved for digital credit before shopping to help them set a budget and plan their purchases in advance through the Cashalo app.
Cashalo also offers the country’s first-ever airline ticket financing option – Fly Now and Pay Later, in partnership with Cebu Pacific. This product allows customers to book domestic flights (up to PHP 9,000 or less) and pay in affordable installments over three or six months.
There’s also Cashaloan, whereby Filipinos can borrow cash (starting at PHP 800) for personal and emergency expenses. Since launching in 2018, Cashalo has served over 2.5M customers and 6M downloads.
“Given the chance to be part of this collaboration is a great opportunity for us. Since Filipinos nowadays are always on the go and need of fast, easy and affordable loans, being part of this journey with Cashalo is very important to us. Bayad Center’s 38,000+ touchpoints are here to serve our fellow Filipinos in their everyday lives, for them to enjoy paying with ease, anytime and anywhere,” explains Bayad Center President and CEO Manuel L. Tuason. He added that, soon, customers can also conduct Cashalo repayments via the Bayad Center mobile app.