Better installment options for multiple purchases
MOST Filipinos still lack quality financial services despite being “digitalized” and always online.
To meet the growing need for financial assistance at the height of the pandemic, the UnaCash app was launched in June 2021 to provide seamless access to digital finance and online installment purchase options.
The app sees a clear demand for quality digital solutions for customers who lack access to financial services. It builds a modern online service to meet many customer needs in one place.
It aims to establish lasting relationships with its customers, based on the expansion of the long-term product offering; and aiming to contribute to BSP (Bangko Sentral ng Pilipinas) initiatives, promoting cashless economy.
Its dynamism, its partnership and its key skills are at the heart of what drives the application forward.
UnaCash aims to establish new partnerships and extend its service to the offline market, as well as diversify its range of products and services and reach new markets.
Playing an instrumental role in the ideation and creation of UnaPay and UnaCash, Nikita Saigutin, CEO of UnaCash, presented the main features of the application and its contribution to the needs of the local market.
The digital financial mobile app allows customers to borrow a minimum of P2,000 to P50,000 which they can pay in 12 installments for a maximum loan term of six months.
Once their application is approved, customers can use their approved credits to shop in three ways: Loan, BNPL (Buy Now, Pay Later) and Lazada Loan which was fully integrated into the app in March 2022.
An interesting key feature of the app is its line of credit, which looks like a digital credit card, which customers can use for cash loans, purchase installments, and Lazada wallet credit.
“We want to use the BNPL even more,” Saigutin said.
“Each time we issue or approve a line of credit, customers can use it to make purchases from partner merchants with low interest rates of zero to six percent. just pay off their fortnightly amortization and their credits will be replenished,” added Saigutin, who continues to be a driving force in future app developments.
To use the line of credit, customers can choose “Buy Online” in the app and select the partner merchant. They can add items to cart and checkout, choose payment terms, accept loan documents, and continue shopping.
To date, the app has a total revenue of 65.1 million pesos, a daily average of 7,500 app downloads, more than 350 million pesos in total loans, more than 100 total partner merchants and more of 700,000 applications in total.
Customers can download and install the app; register their mobile phone number, one-time PIN code, password and PIN code; fill out forms and upload documents; wait for validation; and shop with a line of credit. Meanwhile, it is available for Android users.