Paytm ties up with Non-bank financial institutions (NBFCs) to use past-transaction data to assign credit limits for loans for daily purchases of grocery, retail goods.

Credit and Finance for MSMEs: Digital lending platforms with the principles of financial inclusivity will emerge as the heroes of the financial crisis.

Supported by J.P. Morgan, the program will provide immediate relief and longer-term recovery support to 3,500 women entrepreneurs running microenterprises.

Digital payments saw a revival in May, after the government granted some relaxation during the third and fourth phases of the lockdown.

Both Denarii Cash and GCash share the same commitment of offering convenient and affordable financial services to Filipinos.

Through informal communications, many banks have conveyed to NBFCs and micro lenders that they aren’t in favor of extending the moratorium, said at least three NBFC industry officials.

Payment companies have reported a surge in digital transactions for buying essential goods since the lockdown began, and more and more fintechs are now working with mom-and-pop stores to enable them to transact digitally.

While the COVID-19 pandemic has increased usage of digital payments, there has been an observed increase in attempts at scams and financial crimes.

A number of people who were earlier used to paying their utility bills in cash may have shifted to the digital channels during the lockdown, they added.

Online payments have been slow to take off in the Philippines, where cash has long been king.