MOST Filipinos still lack quality financial services despite being ‘digitized’ and always online.
To answer the growing need for financial assistance at the height of the pandemic, the UnaCash app was released in June 2021 to provide seamless access to digital finance and installment e-shopping 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 address many customer needs in one place.
It targets to build long-lasting relationships with its customers, relying on expanding long-term product offer; and aiming to contribute to the BSP’s (Bangko Sentral ng Pilipinas) initiatives, promoting cashless economy.
Its drive, partnership, and key competencies are at the core of what pushes the app forward.
UnaCash aims to establish new partnerships and extend its service to the offline market, as well as intend to diversify its product line and services and reach new markets.
Instrumental in the ideation and creation of UnaPay and UnaCash, Nikita Saigutin, chief executive officer of UnaCash, has introduced the app’s key features 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 three ways: loan, BNPL (buy now, pay later), and Lazada loan which was fully integrated into the app in March 2022.
One interesting key feature of the app is its credit line, which is like a digital credit card, that customers can use for cash loans, shopping installments, and Lazada wallet credit.
“We want to utilize the BNPL even more,” Saigutin said.
“Whenever we issue or approve a credit line, customers can use it to shop from partner merchants with low interest rates of zero to six percent. And when it has been used up, all they have to do is repay their bi-monthly amortization and their credits will be replenished,” added Saigutin, who continues to be a driving force in future developments for the app.
To use the credit line, customers can choose “Buy Online” in the app and select the partner merchant. They can add items to cart and check out, choose payment terms, accept loan documents and continue shopping.
To date, the app has a total revenue of P65.1 million, a daily average of 7,500 app downloads, more than P350 million total loans, more than 100 total partner merchants, and more than 700,000 total applications.
Customers can download and install the app; register their mobile number, one-time pin, password and pin; fill out forms and upload documents; wait for validation; and shop with a credit line. In the meantime, it is available for android users.
