Loan app Cashalo has partnered with Cebu Pacific to roll out a “fly now and pay later” offering that allows travelers to fly with the Gokongwei-owned airline without a credit card.
Under the “Pay with Cashalo” scheme, travelers can book domestic flights worth a maximum of P7,000 on Cebu Pacific using the new digital-credit solution as a payment alternative, then pay later in installments over three or six months.
“As a first-of-its-kind solution, we firmly believe that ‘Pay with Cashalo’ can transform how Filipinos from all segments of society transact online and build a more secure financial future. We’re thrilled to launch this product with our valued partner Cebu Pacific who shares our mission to empower every Juan with more opportunities and create memorable moments,” Hamilton Angluben, general manager of Cashalo, said in a statement.
Cashalo is a wholly-owned subsidiary of Hong Kong-based Oriente but JG Summit, through Express Holdings Inc., is a major investor.
Executives said Pay with Cashalo is fully integrated into the booking system of Cebu Pacific, allowing travelers to easily pay and enjoy its benefits as they book their domestic flights, with credit approval processed in less than three hours.
Data from the Bangko Sentral shows that less than 16 million Filipinos, or roughly only 23% of the population have bank accounts, with even less owning credit cards.
Candice Iyog, vice president for marketing and distribution at Cebu Pacific, said the new payment solution will give Filipinos who have not flown yet the chance to travel by air.
“It will enhance payment options for our customers and even provide assistance to those who have urgent travel needs,” said Iyog, adding that they may expand the program to include international flights if the scheme will become successful.
In the coming months, Cashalo said it will be partnering with more e-commerce platforms and merchants to integrate Pay with Cashalo as a payment alternative.