Metro Manila (CNN Philippines, November 11) — Cashalo, the fintech joint venture of Gokongwei-owned JG Summit Holdings Inc. and Hong Kong-based Oriente, seeks to cement its name in the growing ‘buy now, pay later’ trend as it expands its service to the Visayas.
The online lending firm is initially penetrating Cebu with its “Shop Now, Pay Later” service, hoping to ride on the expected boom in consumer spending in the Christmas season, Cashalo general manager Chino Flor said.
“We see a huge growth opportunity in Cebu’s very vibrant market,” he said in a statement Thursday.
“Our expansion in Cebu also reflects Cashalo’s optimism in the Visayas region, and down the line, in Mindanao,” Flor added.
The group said that its “Shop Now, Pay Later” service—a payment option that has been gaining popularity not just in the Philippines but also in foreign markets—allows shoppers to use digital credit amounting to up to ₱15,999 to purchase multiple products across its network of partner retail stores.
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So far, Cashalo already sealed partnerships with retail players in Cebu: Robinsons Department Store-Fuente Cebu, Robinsons Department Store-Galleria Cebu, Gear Up-Jakosalem Cebu, Spyder-SM Cebu, Moto Inspira-SM Cebu, SM Department Store-Seaside City Cebu, and SM Department Store-Consolacion.
Cashalo expects to team up with more merchants, Flor said.
