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Innovating cashless payments in the Philippines

Adrian M. Reodique | Dec. 7, 2016
How is BPI responding to the changing needs and demands of their customers in the digital age?

With over 160 years in the banking industry, the Bank of the Philippine Islands (BPI) recognises the importance of service innovation to keep up with the changing needs and demands of the customers. 

"More Filipinos are embracing electronic payments and using less cash. The digitalisation of payments is a rising trend and attracts consumers through its convenience and safety features. BPI wants to take a front-and-centre position in this vision," said Marie Josephine Ocampo, Head of Payments and Remittance Group at BPI, in an interview with Bank IT Asia (an online sister publication of Computerworld Philippines).

Keeping this in mind, BPI recently rolled out integrated EMV prepaid banking and transport cards that support beep. The new card, called Amore Visa Prepaid beep, enables BPI to add more applications to expand payment acceptance.

Amore Visa Prepaid beep. Credit: BPI Cards' website 

The Amore Visa is a reloadable prepaid card that houses two wallets - Visa and beep. Basically, it can be used to make payments for online and in-store purchases both locally and abroad. Cardholders can also use it as a tap-and-go payment card for MRT, LRT and selected bus lines in the Philippines.

However, the card is only valid for four years after application.

Meanwhile, cardholders can earn points from using Amore Visa Prepaid beep card that can be exchanged for exclusive rewards at Ayala Malls. They can also enjoy promotions from BPI and Ayala Malls, unlimited use of customer lounges, movie ticket discounts, and free access to concerts and events at Ayala Malls.

"With the BPI-Ayala Malls Prepaid beep, cardholders will be more empowered to achieve the lifestyle they want through convenient transportation and a rewarding shopping experience," said Ocampo.

Moving forward, BPI hopes to extend its services to millennials that still have no cards. "The target market still has no access to a credit card, but has the purchasing power to get the goods and services they want and need," said Ocampo.

"With the aim of addressing the market demand for a trusted tool for payments, we want to strengthen BPI Prepaid Cards as the leading payments tool for the 'uncarded' market," she concluded.


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