International fintech Robocash Group has launched its first Buy Now Pay Later service in the Philippines.
Called UnaPay, the service expands Robocash Group's offerings throughout Asia and parts of Europe, where it has provided micro-consumer lending and operated its own P2P lending platform.
Robocash says the UnaPay BNPL service will provide installment payment plans for online and offline shoppers in the Philippines.
UnaPay users can make purchases on the Lazada e-commerce platform with up to 12 installments, with payments due every two weeks. The customers can apply for a virtual credit amount of up to 30,000 Philippine pesos.
“We see a big potential in the new product, as there is a high demand for alternative financial services among Filipinos," Sergey Sedov, CEO of Robocash Group, said in a Tuesday press release. "More than 50 million people remain unbanked, but many of them need additional funds."
Robocash cited its own survey research that revealed more than 50% of Filipinos borrowed money from family or friends in 2020. At the same time, the Philippines has a significant share of smartphone (64%) and Internet (70%) users.
"It means that most of the population has an opportunity to access financial services online to meet their immediate spending needs,” Sedov said.
Robocash plans to increase the number of active merchants accepting UnaPay, a number the company expects to reach several hundred by the end of 2021.
Robocash views the Philippines as one of the fastest-growing e-commerce markets in Southeast Asia. By 2023, the company expects to see e-commerce transaction value in the country reach US$7 billion.
