Salmon Rolls Out BNPL Service With Built-in QR PH Payment Optionsby Fintech News Philippines September 21, 2023
Philippines-based fintech Salmon announced the launch of Salmon Credit, its first credit line product with built-in QR Ph payment options. Filipinos will now be able to make payments at more than 600,000 QR Ph-enabled merchant locations across the country.
Salmon Credit grants customers flexible access to credit without requiring a separate loan application for each purchase.
The Salmon app will guide applicants through the credit application process via in-app hints and prompts. Salmon’s AI/ML-powered credit engine assigns credit limits tailored to each customer’s financial situation.
Customers will be able to either instruct Salmon to disburse the funds to any Instapay-enabled bank account or e-wallet, or make payments at locations accepting QR Ph, including those of GCash, PayMaya and many others.
They will have an interest-free grace period, allowing them to settle debts before generating a monthly statement.
Customers will see their initially awarded credit limit increase as they make more purchases and repayments with Salmon Credit. This is subject to terms and conditions.
This new offering is initially available exclusively to existing Salmon customers, but will later become open to the general public as well.
Raffy Montemayor, Co-founder of Salmon said,
“This product is particularly well suited for the Philippines, where merchants enabled to process QR Ph purchases outnumber those with Visa/Mastercard terminals by a factor of 10:1.
We believe that this will become a popular product to enable credit access for millions of Filipinos.’’