UnionBank
UPAY for MSME: Helping level the playing field for the country’s growing number
of MSMEs
Filipinos
are now utilizing digital payments more than ever. Last month, the Banko
Sentral ng Pilipinas reported that digital payments made up 20.1 percent of all
transactions in 2020, more than double the figure from two years ago of 10
percent. This strong momentum is creating opportunities particularly for
enterprising Filipinos who engage in e-commerce.
To help micro, small, and medium
enterprises (MSMEs) in the country capitalize on this growing trend, Union Bank
of the Philippines (UnionBank), the region’s digital trailblazer and the
country’s foremost bank for MSMEs, has launched a groundbreaking feature that
will make e-payments easier and secure not only for customers but also for
MSMEs—the new UPAY for MSME.
Jaypee Soliman UnionBank Vice President and MSME Segment Head |
This was unveiled at the
Bank's 12th E-TalkTales media event, wherein UnionBank Vice President and MSME
Segment Head Jaypee Soliman, and UnionBank Merchant Acquiring and Payment
Gateway Head Gerry Austria led discussions on the critical role of digitizing
payments in the country's fast evolving market.
Soliman
began the discussions by talking about the state of digital payments in the
country, citing the significant growth in the number of Filipinos who utilize
these payment solutions. This is an indication that Filipinos are now more open
to the idea of becoming a cash-lite society.
“This shows how the consumers
are now transacting digitally. They are ready. They are there. The number of Filipinos
having e-wallets and bank accounts continue to grow. But the question is, are
the MSMEs ready to accept digital payments?"
This
is where UPAY comes in. UPAY is a groundbreaking digital payments solution
designed to make acceptance of multiple payment options accessible to MSMEs. It
offers a fully integrated, single platform payment collection complete with
other features that can make inbound payments easier for entrepreneurs,
including the option to generate payment links with multiple collection
channels, and the option to generate InstaPay QRPH for digital and physical
channels.
"UPAY
for MSMEs is a payment gateway that is embedded in our MSME Business Banking
App. Businesses of all sizes and types now have the power to generate payment
links, request payments, send it to their customers and provide multiple
payment options, all these reconciled and credited to a single UnionBank
account," Soliman said.
What makes UPAY convenient for
accepting payments is that customers can choose their preferred payment channel
either via Unionbank Online, InstaPay, Other Digital Wallets, Credit/Debit
Cards and even over-the-counter through UnionBank’s expansive network of
partner channels nationwide.
Gerry Austria UnionBank Merchant Acquiring and Payment Gateway Head |
"When
we conceptualized UPAY for MSMEs, we wanted to do away with all the different
hassles that the merchant is experiencing to set up his payments, one of which
is having to connect to a point-of-sale system, having to have different
devices, having to have to download different apps," Austria said.
"Second,
it's the efficiency in doing business. You don't need to be in your physical
store to actually have a customer pay you. You can actually be vacationing
somewhere else and someone wants to buy a product which they saw through your
post on Instagram or Facebook. You can actually just create a payment link and
send it to that customer, so it's very convenient for both the merchant and the
customer," Austria added.
Through
the new feature, UnionBank wants to level the playing field for MSMEs by making
the feature accessible to them, which was previously only available to the
bigger merchants as part of enterprise platforms that are too technologically
demanding and expensive for smaller players.
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