No Credit Card? No Problem, Thanks to Cashacart, the First-Ever Digital Basket Consumer Finance Solution
The road to financial inclusion for more Filipinos gets wider with the launch of Cashalo’s latest product.
by JG Summit Team| Dec 3, 2018
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Hamilton Angluben, Cashalo General Manager, and Gerard Betita, Cashalo Head of Sales, at Cashacart's media launch on November 27, 2018.
Cashalo, the Filipino technology and financial services company dedicated to building a more financially inclusive future for all Filipinos, has just introduced its latest “finclusion” product, Cashacart. Billed as the country’s first-ever O2O (Offline to Online) basket financing solution, it offers Filipino consumers access to digital credit at affordable rates. At some partner establishments, some payments will even be interest free, with zero-percent promos on select items. The Cashacart service can be accessed using the Cashalo app, and with the loan, consumers can shop at a growing network of 250 retail partners including Robinsons Appliances, Robinsons Department Stores, Handyman, Oppo, Cherry Mobile, and Memo Express.
At the formal Cashacart launch at the Dusit Thani hotel in Makati, Hamilton Angluben, general manager of Cashalo, gave a brief background on Cashalo’s mission, while Gerard Betita, head of sales, gave a more detailed look at how Cashacart works and how it can help uplift the lives of Filipino consumers.
Angluben kicked off by stating a few alarming facts. “According to the latest BSP Financial inclusion survey, 77 percent of Filipinos are unbanked, they don’t have a bank account, they don’t have a formal savings account. What does that mean? It means they don’t have any credit history, they don’t have any financial identity. So, that means they don’t have access to any type of financial service,” he said.
Without access to credit, many Filipinos resort to informal lending schemes when the need arises. “That includes the 5/6, Atm-sangla, and all these other informal lenders that charge usurious rates. They get trapped in a never-ending cycle of debt,” adds Angluben.
Breaking this cycle has become the mission of Cashalo’s parent company Oriente Express, a joint venture between Express Holdings (a subsidiary of JG Summit Holdings Inc) and Hong Kong-based Oriente. “Our goal at Cashalo is to become the engine driving financial inclusion for our country,” says Angluben.
Cashacart is the company’s latest financial solution to help achieve that goal, following the recent launches of the Cashalo mobile phone app and CashaQuick. Unlike traditional consumer financing solutions that are restrictive, Cashacart gives consumers the freedom to purchase multiple items that they need, whether it be appliances, electronics, household items, apparel, or school supplies, with loans ranging from between PHP2,000 to a maximum of PHP19,999. Then they have the flexibility to choose from a variety of payment options, with loan periods of 3, 6, or 9 months.
“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,” said Betita. Since the pilot testing program began in August, Cashacart has already made an impact. “We have employees, the self-employed, families, and budding entrepreneurs that use Cashacart to purchase items to help them in their daily lives,” narrates Betita.
The process is fast, quick, and easy. Simply visit a Cashalo partner store and look for a Cashalo representative who will help fill out your digital application. All that is required is some relevant information and a valid ID. Upon approval, which can be done in as fast as 10 minutes, the customer can fill-up a basket of goods up to the value of the digital credit they were approved for. As quick and convenient as it is, Betita reminds people to shop responsibly. “Pay your monthly installments on time,” Betita urges. “Just a friendly reminder from Cashalo, as a responsible lender.”
Paperless transactions, collateral-free, and easily accessible through a mobile device, Cashacart is bound to be a game changer. “Affordable credit is such a powerful thing. It is an enabler, it is good for the economy. It uplifts the lives of millions of Filipinos,” says Angluben.
The company slogan does ring true: Mas maganda ang buhay ’pag may Cashalo.
For more information on Cashalo, visit www.cashalo.com. Download the app for free via Google Play or Apple's App Store.
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