Credit payment app Mocasa is leading the charge to foster financial inclusion in the Philippines with its flexible credit payment options.
“We had a simple goal when we entered this market: to offer a unique app to address the cashless payment and credit opportunity issues for Filipinos who are still not well-served by traditional banks,” Mocasa CEO Robin Wong said.
The Philippines lags behind its Southeast Asian neighbors when it comes to financial inclusion. About 78% of the country remains unbanked and underbanked while the credit card penetration stands at 3% as of 2022. Prolonging this situation are the lack of a solid cashless payment infrastructure as well as insufficient credit data.
To bridge this gap, Mocasa introduced to the Philippines its Pay Later Anywhere scheme and its zero-interest rate credit line.
Its 50-day no-interest and no-downpayment feature also makes shopping and payment hassle-free.
Mocasa also allows qualified borrowers to make credit payments at more than one million merchants both online and offline. This is made possible through its partnership with Mastercard.
Mocasa provides an advanced financial channel for consumers that is secured by a reliable anti-fraud solution and backed by 24/7 chat support to cater to all the issues of the customers. To ensure a quick connection to various merchants and users, it has also partnered with the Philippine government’s QRPH QR code payment network promotion.
Interested customers may apply for a Mocasa credit line by preparing three key requirements: a valid government ID, an active mobile number, and proof of income, which can be their pay slips in the last three months, bank statement of the last year, or social insurance records from the last one to two2 years.
Upon approval, customers are eligible for two types of credit balance account: the Standard Account, which has an adjustable credit based on the customer’s financial capacity; and the Constructive Account, which requires a holdout deposit in order to be used to build credit track record from scratch for those who never had a record in central credit bureau.
Mocasa is available for download on Google Play and the App Store.
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