Toyota Financial Services Philippines has augmented its mobile payment landscape by integrating a new e-money feature into its existing myToyota Wallet app.

Developed in a strategic partnership with the Bank of the Philippine Islands, this update aims to offer Toyota customers a seamless and diversified payment experience, complete with a limited-time rebate incentive.

Until 31 October, registered users are eligible for up to a two percent rebate — capped at P300 — on transactions made via the myToyota Wallet app.

The rebate applies to services that include but are not limited to vehicle maintenance, parts, accessories and insurance, valid at Toyota dealerships across the Philippines.

For the uninitiated, accessing the new e-money functionality is a straightforward affair. One needs to download the myToyota Wallet app, available both on Google Play and the App Store.

After installation, the user must register for an upgraded account by submitting a government-issued ID and a selfie. Following successful verification, customers can then cash in using their BPI deposit accounts.

The collaboration between TFSPH and BPI exhibits the junction between automotive retail and fintech, establishing a refined ecosystem that addresses an increasing consumer demand for digital payment methods.

The myToyota Wallet app was originally developed as a multipurpose payment solution that consolidates various payment options into a single platform.

It permits users to link up to three credit and debit cards — Visa or Mastercard — for streamlined Toyota transactions. This array of features underscores the app's focus on accessibility.

Users can complete transactions either within the app or opt for over-the-counter payments at any Toyota dealership nationwide.

This flexibility renders traditional cash transactions virtually obsolete, thereby saving users both time and effort. The app incorporates a contactless QR code scanning feature, ensuring that all transactions are executed in a secure environment.

Moreover, the app's new e-money feature adds another dimension to its existing capabilities. Users can elect to utilize this feature as an alternative to linking credit or debit cards, thereby adding another layer of payment flexibility.