Finance

Imported devices could get more expensive thanks to customs duty hike

iPhones to get even costlier!

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The Indian government has decided to hike customs duty on imported mobile phones from 15 to 20 percent in a move designed to protect local manufacturing. The higher tariffs take effect from April 1.

The move, which will make imported devices more expensive, follows less than two months after the country raised the import duty from 10 percent to 15 percent. The new hike comes amid the nations annual Budget Session when the coming year’s finances are declared. This move will affect Apple’s iPhone and Google’s Pixel lineups the most. Luckily, we shouldn’t be seeing any price hike on the iPhone SE because it is assembled in India.

Apple has been trying to assemble its devices in India but has always found itself in some bureaucratic hurdle. Apple has been negotiating with the Indian government for lower tariffs on certain components, but the increased duties are still not in its favor.

The increase on import duties is designed to promote local manufacturing. The moves taken by the government to ensure local sourcing have started paying off though; multiple companies like Samsung, Xiaomi, Vivo, OPPO, and BlackBerry have started making and assembling phones in India to avoid the high import duty and also further gain the benefits the government has to offer under the “Make in India” scheme. The fact that the phones are sourced in India is often a point of emphasis for these companies and another marketing point to the consumer.

A senior industry executive told the Economic Times that smartphone makers may decide to absorb a part of the duty increase because Apple had increased iPhone prices by an average 3.5 percent in December after the government had raised import duties by five percent.

Last year, Apple supplier Wistron started producing iPhone SE models in India.

Around 75 percent of all cellphones sold in India were assembled in the country in 2017, said Tarun Pathak, an analyst at Counterpoint Research to CNN.

Deals

Maya: Convert purchases to 0% interest Mini Payment plans

On select electronics and home appliance purchases for a limited-time only

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Maya is offering consumers the opportunity to convert eligible electronics and home appliance purchases to 3-month Mini Payment plans with 0% interest.

That’s through the Maya Black Credit Card or the Landers Cashback Everywhere Credit Card. The promo period runs from August 1 to October 31, 2026, giving consumers more financial flexibility.

In addition, processing fees will be waived for Mini Payment plans availed until September 30.

Purchases will continue to earn instant Maya Miles or Landers Cashback Points with use of the corresponding card.

To avail of the mini-payment offer, simply make a single straight purchase worth at least PhP 10,000 using either card.

Once the transaction is posted on the Maya app, select the transaction and tap “Convert to Mini Payments”. Then, choose the 3-month Mini Payment plan to enjoy the promo.

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Finance

GCash future-proofs MSMEs with new payment innovations

GCash EasyPOS, SoundPay Plus

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GCash micro-merchants

GCash is future-proofing micro, small, and medium enterprises (MSMEs) with new customer-first payment innovations. This, as the Philippines continues to become a digital payments nation.

The app expanded its suite of solutions to make digital payments more accessible, convenient, and secure for merchants.

Rather than a one-size-fits-all solution, GCash has payment devices designed for different business sizes and ways of operating.

One is the GCash EasyPOS, an all-in-one terminal for medium and even large enterprises. This accepts QRPh, Visa, and Mastercard payments and also supports features like digital receipts, refunds, settlements, and transaction monitoring.

Meanwhile, GCash SoundPay Plus is designed for micro and small merchants, specially in the retail and F&B sectors. It combines QR payments, card acceptance, and instant voice confirmation so merchants can immediately check when a payment pushes through.

The rollout of these two solutions builds on earlier solutions GCash introduced, including PocketPay and SoundPay.

PocketPay is designed for MSMEs, bazaar or pop-up merchants, and mobile sellers who take their products and services wherever their customers are.

It turns an NFC-enabled Android smartphone into a contactless card terminal. This makes payments easy and affordable — without investing in additional hardware.

SoundPay, meanwhile, is a portable QR payment device that provides instant voice confirmation for every transaction.

According to Bangko Sentral ng Pilipinas (BSP), 57.4% of retail payment transactions by volume were made digitally in 2024.

The central bank is targeting a digital payment share of 60% to 70% by 2028, with businesses increasingly expected to support cashless transactions.

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Finance

GoTyme Bank grows to 10 million users in the Philippines

Over US$ 859.4 million in customer deposits

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GoTyme Bank has reached the 10 million-user milestone in the Philippines, one of its key markets.

A joint venture between the parent Tyme Group and the the local Gokongwei Group, the digital bank has officially grown to 10 million strong, its latest accomplishment after debuting in the country three years ago.

The milestone is backed by over PhP 53 billion (~859.4 million) in customer deposits and sustained engagement across the GoTyme Bank ecosystem.

A core driver of the bank’s rapid growth is its integration into users’ daily financial habits. GoTyme was the Most Used Visa Debit Card in the Philippines, based on Visa debit active usage data in 2025.

The bank has also offered free InstaPay transfers from the start (capped at 20 transactions a month) for greater flexibility. There are also more than 160 billers on the app.

Complementing the digital-first infrastructure is an extensive physical network. There are now more than 600 kiosks in major malls nationwide.

Customers can also conveniently deposit and withdraw cash through more than 2,500 Robinsons Retail store lanes. Cash deposit is also allowed through more than 4,500 7-Eleven stores nationwide.

Among GoTyme’s recent offerings is MoreTyme, a flexible, transparent, and easy-to-understand credit solution.

Through Visa, GoTyme also took part in FIFA World Cup 2026 campaigns, with raffle winners being flown to watch the matches live.

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