MANILA - GCash said Wednesday it has launched a new "buy now, pay later" feature that allows Filipinos to pay for big-ticket items with a payment term of up to 24 "gives" or installments.

The new feature called GGives allows qualified members to pay for items that cost as much as P30,000 with up to 24 installments over 12 months, the Ayala-led fintech said.

"GCash's new lending features, such as as GGives and GLoan, are tailor-made for Filipinos'purchasing behavirors, such as installment pay or hulugan. This is because it allows them to have enough freedom to maximize their money while still getting to enjoy what they want and need," said GCash president and CEO Martha Sazon.

Sazon said these features also offer Filipinos safe and effective credit services with fair and transparent interest rates.

Qualified users can apply for GGives and GLoan through the app, GCash said.

The government has been intensifying its financial inclusivity programs to grow the number of bank accounts with the use of digital ID as well as support for digital banking and e-money services.

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