The Bank of the Philippine Islands (BPI) and Electronic Commerce Payments Inc. (ECPay) will boost digital retail payments in the country through over 2 million Vybe app users and 500 more cash deposit machines nationwide.
BPI head of Digital Partnerships and Ecosystems Frederick Faustino said he aims to increase users of Vybe, an e-wallet and rewards platform, to 2.5 million this year from 1.84 million.
The app users consist of both BPI account holders and those who are not.
“We are excited to offer users an easy and convenient way to top up their e-wallets and engage with the digital financial ecosystem, helping to drive financial inclusion in the Philippines,” Faustino said Tuesday in a media briefing in Makati City.
Faustino said the customer growth for Vybe will be partly driven by other efforts from the entire BPI team which strives to attract a total of 50 million clients in the next few years.
Vybe users can load the e-wallet for zero transaction fee at 1,300 ECPay kiosks in malls nationwide.
ECPay President and chief executive officer Ma. Patricia de la Fuente-Pascual said ECPay kiosks with Vybe services will soon be available at over 4,000 stores, including supermarkets, pawnshops, gasoline stations and sari-sari stores.
Pascual said ECPay plans to add 500 more deposit machines, especially in the provinces, in the near term to make digital payments accessible to all Filipinos.
Aside from retail payments, Vybe allows bills payments to over 100 billers, fund transfers to other e-wallets and banks, and conversion of transactions to rewards for various purchases of goods and services. BPI offers all these services without a transaction fee.
Faustino said the implementation for the zero transaction fee is valid for an “indefinite” period.
Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan reported digital transactions accounted for 52.8 percent of all monthly retail payments in 2023.
He said this surpassed the BSP target of 50 percent for that period. The total transaction value reached P6.1 trillion.