Saripay eyes climate insurance for MSMEs

SARIPAY, the financial arm of GrowSari, Inc., is looking at offering climate risk insurance to micro, small and medium enterprises (MSMEs) including mom-and-pop stores and other small businesses that use its online payment platform, its top official said.

“We are looking at insurance as one of the opportunities that store owners can buy [to] protect themselves against future calamity,” Saripay General Manager Sandeep Bhalla told BusinessWorld in a Zoom interview on March 15.

Mr. Bhalla said MSMEs can protect inventory and recover losses from rains and typhoons.

Saripay offers MSMEs such as mom-and-pop stores, pharmacies and small side eateries short-term loans and cashless payments through a business wallet.

It offers ELista, a “buy now, pay later” financing service that MSME owners can use for inventory purchases.

Mr. Bhalla said the company is also considering using its partner-stores as outlets where customers can receive local payments. He added that they want partner stores to open bank accounts.

Saripay expects to increase the number of stores that use its QR (quick response) code service to as many as 75,000 in the next 12 to 18 months from 30,000 now. It also sees its buy now, pay later service growing by 50% this year.

GrowSari and Saripay users get a free QR code that allows stores to accept digital payments from customers. About 70,000 stores have access to Saripay’s buy now, pay later service.

Mr. Bhalla said Filipino consumers are not yet fully cashless and are still learning about digital money. Smartphone access remains an issue for some, he added.