The post The new age of payment solutions in the Philippines appeared on BitcoinEthereumNews.com.

Homepage > News > Interviews > The new age of payment solutions in the Philippines The digital payments revolution is in full effect in the Philippines, with data showing that cashless payments account for a majority of the country’s transactions. At the Fintech Revolution Summit in Manila, CoinGeek spoke to some companies powering this revolution about how they are changing Filipino lives. title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen=””> Four-minute loans with EasyLodge Access to credit is one of the key facets of financial inclusion and is the lifeblood of economic growth. A World Bank study found that every 10% increase in credit to the private sector boosts a country’s economy by up to 1.5%. However, it’s still notoriously difficult for SMEs to access loans. EasyLodge is out to change this, Kosta Patsan tells CoinGeek. EasyLodge offers simplified lending that’s not only cheaper and more accessible but is also fast and efficient. Its most transformative product is its four-minute loan. Typically, loans take over one week to be approved and several days to be disbursed. With EasyLodge, users fill out the application to apply for the loan remotely, and seconds later, the decision on whether they qualify is relayed. “You get an instant decision. Generally, in most cases, you can fund within an hour, not three weeks,” stated EasyLodge managing director Kosta Patsan. Credit access is especially critical for small and medium enterprises (SMEs). An OECD study found that half of all SMEs rely on credit to scale and create jobs; SMEs employ over 70% of the global workforce. EasyLodge could make a bigger impact in the Philippines than in most other nations. According to the BSP, over 52% of Filipinos are banked, but credit access is still low. Only 13% of Filipino adults…

---

Filed under: News - @ October 25, 2024 5:24 am