BUx, the Philippines’ largest all-in-one payment solutions platform, is ramping up client acquisition efforts this year to help the Bangko Sentral ng Pilipinas (BSP) meet its aim of shifting 50% of all transactions to digital channels by 2023.
BUx believes that as consumer behavior evolves and their demand for digital solutions grows, more micro, small, and medium companies (MSMEs) and major organizations will use digital payment solutions this year.
“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,” UBx Managing Director for Commerce and Payments Jaime P. 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 33x 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.
BUx’s best-in-class dashboard not only allows customers to track paid and pending payments, download payment summaries, and receive real-time notifications of funds credited, but it also allows businesses to track paid and pending payments, download payment summaries, and receive real-time notifications of funds credited.
“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.
Visit www.bux.ph for more information on Bux and about the company
About UBX
UBX is the financial technology venture studio and fund of UnionBank of the Philippines. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter to businesses and people. For partnerships, email us at [email protected].
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