Bank of the Philippine Islands (BPI), currently the second largest bank in the country in terms of market capitalization, announced recently that it is joining the digital payment marketplace with the launch of its own e-wallet app.
Aptly called VYBE, the new e-wallet from BPI is a one-stop lifestyle app that promises to level up a user’s e-wallet experience and make everyday digital banking more rewarding. It features a mobile wallet that allows clients to simply scan and pay via QR code at any shop with a QR PH standee.
For more secure cashless payment transactions, BPI clients can also send and request money from other VYBE app users for free. The app is currently available only to bank customers who are registered with BPI online.
The new app also allows clients to transfer funds to and from their BPI accounts free of charge. They are also eligible to earn reward points for using BPI’s products and services, which can be viewed and redeemed via the VYBE app.
VYBE offers a faster and more secure way of paying bills online
“We want to give our clients a faster and more secure way to pay. As a welcome gift, they instantly earn 1,000 points in their VYBE app upon sign up,” said Frederick Faustino, VP and head of Digital Partnerships and Ecosystems of BPI in a press statement.
“Points earned can be redeemed from an array of offers with partner brands and merchants,” he added.
The VYBE app is now available in Google Play Store and the Apple App Store. Once downloaded, a client only needs to open the app, click “Join the VYBE” and enter his or her BPI Online credentials to sign up.
After doing so, the client can already login and start using VYBE. The app will be made available to non-BPI clients soon.
E-commerce growth propelling the adoption of e-wallets in PH
The massive growth of e-commerce in the Philippines during the pandemic propelled the adoption of e-wallets during the last three years.
According to Statista, the e-commerce market is projected to reach $20.18 billion by the end of this year, growing by more than 17 per cent.
Accordingly, e-commerce volume is projected to reach $32.70 billion in 2025, indicating the continued online buying behaviour of Filipinos. This figure still does not include the online transactions happening across sellers and buyers in various other platforms such as Facebook marketplace or Viber groups.
The same survey also showed that the number of Filipino adults with financial accounts increased from 20.9 million in 2019 to 42.9 million in 2021, growing by more than double.
All these jibes well with the 2021 Financial Inclusion Survey (FIS) of the Bangko Sentral ng Pilipinas (BSP), which revealed that in 2021, about 60 per cent of Filipinos who have mobile phones and internet access performed financial transactions online like fund transfers and payments.
This represents a 17 per cent increase compared to online financial transaction figures reported in 2019.