BALITANG NEGOSYO: Caviteño Entrepreneur 'Pat Quinto' uncovers SPayLater Credit Conversion Loop method using QR Codes to be paid with Maya Business App [#OneNETnewsEXCLUSIVE]
DASMARIÑAS, CAVITE -- In a shocking revelation, entrepreneurial content creator and Caviteño YouTuber 'Pat Quinto' unveiled the manual loan conversion method for Shopee's SPayLater, converting your localized loan credit limit into actual cash through only personal and merchant quick response (QR) codes exclusively thru Maya Business App. This made financial regulators uneasy, especially the financial government entities of Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).
SPayLater was owned by SeaMoney Credit Philippines Inc. (SCPi), allows users to scan the QR code from within the Shopee application so they can use their Maya Business personal or merchant QR to pay for it. Not only that, they can purchase some goodies, power tools, appliances, gadgets and more, which can be paid at a later month. 'Maya Business', a product of Maya Bank Inc. (MPi), offering numerous financial services, specially designed for both business merchants and personal needs. This allows the transfer of funds between accounts within the established loan credit limit and creates a financial loop between Shopee's SPayLater and Maya Business.
Transferring loan credit limit from SPayLater under the Shopee app brand to Maya Business App will only be accessible in this country for those who have verified accounts at levels 2 or 3. The transfer is mainly for emergency cases, food and travel-related expenses who were on shortages for real cash.
This newly discovered system has brought in questions, regarding its legality and implications to the financial regulators as it might possibly outlawed and bypassing normal procedures for assessing loan credit scores or records thru TransUnion and Credit Information Bureau Incorporated (CIBI).
So far, there are no statements issued by the BSP and SEC on social media, regarding this fishiest issue in manual loan transfers. OneNETnews have yet reached out on both sides for a comment.
STOCK PHOTO COURTESY for REPRESENTATION: Google Images & YT VIDEO
BACKGROUND PROVIDED BY: Tegna
SOURCE:
*https://help.shopee.ph/portal/4/article/81098
*https://www.maya.ph/business
*https://www.youtube.com/@PatQuinto/about
*https://www.youtube.com/watch?v=anuxb1yAnm8
*https://www.youtube.com/watch?v=J2jiWkjKBHo
*https://www.youtube.com/watch?v=Zd1J6zUL6Is
and
*https://www.youtube.com/watch?v=fdMdPNxe498
-- OneNETnews Online Publication Team