In the Philippines, digital lenders through the fintech industry continuously create solutions for the average Filipino to borrow money without collateral. Through credit card offers and lines of credit, basic knowledge of borrowing money is a working progress under a general goal to assist Filipinos with “Financial Literacy”.
TendoPay introduces its Employee Benefit program, which is a packaged product where employees are offered TendoPay via their employer. With the employee benefit program, an employee will only need to provide one piece of ID, and their account will be approved within a matter of minutes. Employees will have access to a relatively large credit limit and low-interest rates.
In light of the pandemic, shopping online has become a necessity due to physical retail businesses halting their operations. People were uncomfortable exposing themselves in public and going out to buy their needs. During this period, TendoPay’s client base more than quadrupled as employers strived to offer their employees the financial help they needed. “Our usage is now at an all-time high of 73% of the workforce of new employers we sign-on. Our virtual credit card has been very successful with employees at every level of organizations,” shared Kacper Marcinkowski, President of TendoPay.
It is also within this period wherein many Filipinos were laid off or struggled with their finances, TendoPay ensured that users who were affected by COVID-19 would not have to make payments during the lockdown. Marcinkowski stated, “We communicated with each one of them [customers] to understand their situation. We wanted to be more understanding as a financial partner. We believe that this approach has helped us build long-lasting relationships.”
With their wide selection of merchants, TendoPay helps boost the online sales of its retail partners while empowering Filipinos financially. The Employee benefit program assures employers that their employees are borrowing and spending credit productively. “We are all about providing widely available, fairly priced, and easy to obtain financial products,” added Marcinkowski.
Financial literacy is still low in the Philippines but there is a push for Filipinos to be more financially literate. Marcinkowski shared how a lot of the things they are planning for TendoPay will revolve around helping Filipinos get out of bad debt and be more prudent with managing their finances. Filipinos, regardless of their income or savings, can apply for TendoPay. TendoPay provides financial inclusion for Filipinos nationwide through an easily accessible installment plan solution that gives customers the convenience to buy now and pay later for online purchases in 2 to 24 months installments.
TendoPay is one of the fastest growing Fintech companies in the Philippines. On a consumer-centric approach, TendoPay offers installment payment options for online retailers via a virtual credit card. TendoPay has been operational for over 2 years in the Philippines and has more than 45 retailers signed on including Lazada, Zalora, 7-Eleven. They offer a low interest virtual credit card as an employee benefit to companies throughout the Philippines. Their goal is to increase financial empowerment in the country and provide fair access to credit.