3 payment apps in the Philippines disrupting the financial sector
By Leandra Monteiro
The global pandemic accelerated digital transformation and pushed the financial industry to adapt. In the Philippines many people turned to digital means of doing business, right from shopping online to sending money electronically to others.
According to a survey conducted in December 2020 by global analytics software firm FICO has revealed that 56% of Filipino consumers prefer to use digital channels to engage with their bank during financial hardship, while 12% used internet banking.
As a large portion of the Philippiness is underbanked with low financial services penetrations alternative payment services enabled through mobile wallets allow users to easily make in-store payments as well as transfer and receive money digitally without physical bank cards or bank visits.
Here are 3 such digital wallets disrupting the Philippines financial sector:
BPI Globe BanKO Inc. (BanKO) is the first mobile-based, microfinance-focused savings bank in the Philippines. Established in July 2009 by BPI, Globe and Ayala Corporation, it aims to provide the low-income segment with secure and convenient access to affordable financial services by leveraging on its combined assets and infrastructure in banking and telecommunications.
BanKO’s mission is to provide financial inclusion to the country’s unbanked and extend access to formal financial services. BanKO’s combined expertise in banking and telecommunications delivers a powerful microfinance platform for sustainable social development.
Mynt (Globe Fintech Innovations Inc.) is a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two FinTech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet, and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans.
GCash is an e-wallet app in the Philippines regulated by Bangko Sentral ng Pilipinas. Through the app users can send and receive money instantly, and pay bills to over 400+ billers. Users can also make payments at physical stores which are partnered with GCash. Furthermore, GCash is affiliated with American Express Virtual Pay enabling users to shop both local and international purchases online.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government.
It provides more than 41 million Filipinos with access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out or remit through its over 380,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 60,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services. Through its enterprise business, it is the largest digital payments processor for key industries in the country.
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