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Wednesday, November 29, 2023

No cash? Pay with virtual credit

Shopping is getting easier by the day. Apart from the convenience of online purchases and instant delivery, shoppers now have the option of using a virtual credit wallet like Mocasa.

Enjoy cashless bill payments and other purchases without touching your cash on hand. All these can be charged to the credit wallet. No need for physical cards with microchips, just scan the QR code, and the transaction is completed.

Mocasa provides a Pay Later credit line of up to P30,000 with 0 percent interest if payment is completed within 50 days. Mocasa also offers Quick Loan, a cash loan of up to P25,000 for as little as 0.2 percent daily interest payable in three installments. Users also have the option to pay off the Quick Loan before the end of the billing cycle, by paying only the principal plus the actual daily interest.

“Our Pay Later option provides a more streamlined and convenient service with features like increased credit limits and payment flexibility. We feel that this strategy is more in line with the consumers’ interests and needs ” explained Mocasa CEO Robin Wong.

Mocasa’s Virtual Mastercard can help you in checking out items on your online shopping cart

The app is very easy to use. Simply download and submit the required documents like government IDs and proof of income. Once approved you can start shopping with Mocasa.  Online purchases are processed via the virtual Mastercard while in-store purchases are completed by scanning the QRPH code standard of The Bangko Sentral ng Pilipinas (BSP).

Mocasa virtual wallet was launched in 2022 and now has over 200,000 active Pay Later customers.

“Our pilot market is the Philippines. We did not go for mature markets like China and the United States, we focused on developing countries like Vietnam, the Philippines, Cambodia, and Nigeria. When we performed our in-depth analysis, we found that some markets are not as prepared as the Philippines in terms of infrastructure, laws, legislation, etc. They are still somewhat behind. Because industries are adapting to technology and the government/regulators are supportive of and encourage digitalization, the Philippines has an advantage.”

The app is very easy to use it resembles an online shopping site, with specific tabs for every partner establishment for easy navigation.  The company continues to be open for partners who wish to be part of  Mocasa’s credit payment ecosystem.

All transactions and personal information are secure with Mocasa’s high-tech security measures. It fully complies with the Securities and Exchange Commission (SEC) licensing and regulation requirements and is a recognized Accessing Entity of Credit Information Corporation (CIC).

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