Union Bank of the Philippines led by bankero Edwin Bautista is doubling down on customer acquisition initiatives this year to support the Bangko Sentral ng Pilipinas (BSP) in achieving its goal of migrating half of the total transactions to digital channels by 2023.
UnionBank’s open finance arm UBX is helping micro, small, and medium enterprises (MSMEs) as well as large corporations adopt digital payment solutions through all-in-one payments solution platform BUx.
UBx managing director for commerce and payments Jaime Garchitorena said BUx is confident that the BSP target will be acheived with the continued evolution of consumer behavior and their stronger preference for digital solutions.
“We are intensifying our customer acquisition efforts to equip more businesses — from large corporations to micro entrepreneurs — with digital payment solutions that help streamline their businesses and enable them to provide better customer experience. We are committed to further reach more businesses, including marketplace aggregators, to support the BSP in attaining its goal of converting 50 percent of total transactions to digital channels by 2023,” Garchitorena said.
Latest BSP data showed that the share of digital payments to the total volume of transactions in 2020 reached 20.1 percent from 14 percent in 2019, and a huge leap from only 1 percent in 2013.
Driving this growth is the 47.8-percent rise in payments to merchants, as well as peer-to-peer transactions, and government disbursements.
“With one in five Filipinos now transacting digitally, we are seeing a change in consumer behavior. Filipinos are now embracing digital payments and merchants are able to match that demand by adopting digital payment solutions,” Garchitorena said.
The pandemic accelerated the adoption of digital payments in 2020 due to the limited mobility brought about by the community quarantines.
BUx alone recorded a 33 times surge in transaction volume in 2021, processing gross transaction value in the billions of pesos.
An end-to-end payment solutions platform, BUx allows merchants of all sizes to accept all forms of payment. It unifies payment channels from card payments, bank transfers, over-the-counter payments, to e-wallets into one solution.
BUx has the most extensive payments network in the Philippines with over 50,000 access points and over 30 payment partner channels, effectively covering all of the payment channels required by merchants.
Aside from providing customers with payments solutions, BUx also enables businesses to track paid and pending payments, download payment summaries, and receive real-time notifications of funds credited through its best-in-class dashboard.
“We remain steadfast in pursuing digital innovation and expanding our suite of digital payment services to serve the evolving needs of both consumers and merchants. We believe that as the leading all-in-one payment solutions platform in the Philippines, our growth equates to helping the government achieve its goals under the National Retail Payment System Framework,” Garchitorena said.