European peer-to-peer lending platform Robocash Group has launched a buy now pay later service called UnaPay in the Philippines.
This offers instalment plans for consumers, including those that are already Robocash customers, in the country.
The group already provides micro-consumer lending services in Asia as well as Europe.
Users can make purchases on the platform with up to 12 instalments due every two weeks. They can apply for a virtual credit amount of up to ₱30,000 (£467.1) on UnaPay, which is powered by e-commerce technology company Lazada Group.
Robocash Group said the approval process takes five minutes, while the funds are credited to the customers’ e-wallet within 24 hours.
The platform said it plans to increase the number of active merchants using UnaPay which is expected to reach several hundreds’ by the end of 2021.
“We see a big potential in the new product, as there is a high demand for alternative financial services among Filipinos,” said Sergey Sedov, chief executive officer of Robocash Group.
“More than 50 million people remain unbanked, but many of them need additional funds.
“For example, our recent survey showed that over 50 per cent of Filipinos borrowed money from family or friends in 2020. At the same time, the Philippines has a significant share of smartphone (64 per cent) and internet (70 per cent) users.
“It means that most of the population has an opportunity to access financial services online to meet their immediate spending needs.”