Cashacart is PH's 1st O2O basket financing solution

POSTED BY: Lionell Go Macahilig
2018-11-28 12:07:00 PHT

Filipino fintech company Cashalo recently launched Cashacart, the country's first-ever, O2O (offline to online) basket financing solution. With Cashacart, Filipino consumers can access digital credit at 0% interest, for all their specific shopping needs through the Cashalo app and across a growing network of 250 retail partners. These include Robinsons Appliances, Robinsons Department stores, Handyman, OPPO, Cherry Mobile, and Memoxpress. Loans start at PhP 2,000 up to a maximum of PhP 19,999.

Digressing from traditional consumer financing solutions that are restrictive, Cashacart gives consumers the freedom and flexibility to purchase multiple products that they need whether it be appliances, electronics, household items, apparel, or school supplies and choose from a variety of payment options.

The entire process is completed within minutes in a few easy steps: simply visit a Cashalo partner store and look out for a Cashalo representative who will help you complete a digital application in a few minutes. The application requires you to submit basic personal information and a valid ID. Then choose a loan amount and payment terms of your choice. Upon approval, you are entitled to shop up to the value of the approved digital credit.

Cashacart is Cashalo's response to the public's clamor for innovative financing solutions. Rose Ong, the newly elected president of the Philippine Retailers Association stated that, the share of online shopping in the country was only about 1-2% of total retail sales, and according to research by RF Group, 80% of online sales are still cash on delivery.

“We know that millions of consumers still appreciate the physical retail experience but want greater flexibility in how they pay,” said Hamilton Angluben, General Manager of Cashalo. “With Cashacart, we’re able to give hardworking Filipinos unrivalled financial freedom and flexibility, serving them wherever they are, both offline and online.”

“We are thrilled to launch the Philippines’s first-ever O2O basket consumer finance solution," Gerard Betita, Head of Sales, Cashalo added. "Since our pilot two months ago, we’ve received an overwhelming response from customers who are amazed by the convenience, transparency and flexibility Cashacart provides. We’re excited to expand our network of retail partners in the months ahead to serve even more Filipinos.”

Through Cashacart, consumers have access to: digital credit between PhP 2,000 up to a maximum of PhP 19,999; a service that is paperless, collateral-free, and available via their own mobile device; 0% interest or as low as 3.99% monthly interest rate (depending on the product); and approval time that is as fast as ten minutes.

Consumers can also access the Cashacart financing solution through the Cashalo app which can be downloaded on the Apple and Google Play mobile app stores.