BPI launches full-featured e-wallet in Philippines
in partnership with MatchMove
- Leading bank to leverage on fast-growing e-commerce market
- Unique solution targets banked customers cautious about using debit and credit cards online
- Enables unbanked and uncarded to make online and mobile purchases conveniently via instant online approval with easy cash-over-the-counter channels
- Offers the convenience and security of performing remittance services online directly through mobile phones and BPI bank accounts
Bank of the Philippine Islands (BPI), the country’s second largest bank today announced the launch of its ePay wallet, (https://app.bpiepay.com/
), powered by Asia’s leading mobile payment platform provider, MatchMove Pay.
Through MatchMove’s secure Platform-as-a-Service (PaaS), BPI’s customers will be offered a safer alternative to debit cards to make online transactions with pre-paid cards supported by MasterCard, while the unbanked and uncarded will be able to easily make online and mobile purchases via instant online approval with easy cash-over-the-counter channels. In addition, customers will be able to perform remittance services online conveniently and securely through their mobile phones. These innovative payment offerings are especially beneficial to a large group of Filipinos who do not yet have banking facilities and credit cards.
Apart from its ability to collaborate with major payment networks such as MasterCard, Visa and American Express to issue pre-paid cards, the MatchMove wallet has many unique and patent-pending security features that reduce the risk of fraud and increase user confidence when making online purchases.
According to Credit Card Association of the Philippines, credit card penetration in the country is still only at 5%. In addition, there are only 7 million card holders versus 30 million bank account holders in an overall population of almost 100 million people, while smartphone penetration is already close to 40%. This affirms the large, untapped market in Philippines whereby over 90% of the population is yet unable to make online transactions despite the fast growing e-commerce market in the country.
Mr Gitesh Athavale, Senior Vice President & General Manager of MatchMove Pay, commented, “Our vision is focused on providing a differentiated mobile payment solution that is secure and accessible to the millions of customers who do not have the privilege of accessing banking and credit card facilities. We identify Philippines as a market that presents high growth opportunities for mobile payments. We are delighted to be able to work with a prestigious bank like BPI as we expand our suite of offerings across Asia. We believe this partnership will allow us to significantly transform the mobile payment landscape in the Philippines.”
The Bank of the Philippine Islands (BPI) is one of the biggest commercial banks in the Philippines. BPI, Asian Banker 2014’s Best Retail Bank in the Philippines, offers a wide range of financial services that include corporate banking, consumer banking and lending, investment banking among many others. These services are offered to a wide range of customers, from multinational corporations, government entities and large corporations to small- and medium-sized enterprises and individuals.
Today, BPI is not only known as the oldest bank in the Philippines and in Southeast Asia; it is also an acknowledged leader in Philippine banking.
BPI continues to provide customers with an easier banking experience and maintains a history of innovation aimed at shaping modern lifestyles and empowering more Filipinos, in various market segments with better access to products and services here and abroad, in stores or online.
About MatchMove Pay
MatchMove is Singapore’s fastest growing mobile payments technology company, providing innovative enterprise solutions to help businesses increase revenue, user engagement and loyalty through the strategic use of our customizable cloud-based platforms.
The MatchMove Wallet is a B2B platform-as-a-service that enables any major consumer brands, banks, lifestyle apps, telcos and regional e-commerce sites to easily issue secure mobile payment cards to reach millions of potential shoppers with smartphones in Asia and emerging markets. The full-service platform comes with the capability to issue virtual and physical cards from major networks like American Express, Visa, RuPay, MasterCard, UnionPay and JCB. Uniquely, MatchMove is one of the very few worldwide mobile payment platform-as-a-service authorized by MasterCard and American Express to issue cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.
MatchMove Pay has been recognised internationally for its outstanding innovation, including “Global Top Innovator” at SIBOS in Boston and ‘”Top FinTech Disruptor” at the FST/Asean Banking Conference in Singapore. The company was ranked as Singapore’s fastest-growing technology company in Southeast Asia in the Deloitte Technology Fast 500 Asia Pacific in 2013.
For more information, please visit:
Official Blog: https://myvirtualwallet.wordpress.com