Many Filipino households lack sufficient funds to open a deposit account and this leads to the problem of having high unbanked percentage in the Philippines. With an approximate 86% of Filipino households unbanked, the trend towards cashless payment modes allows unbanked users to be more easily integrated into banking services. This encourages greater financial inclusion where local banks gain the chance to provide banking services to more Filipinos.

With plans to launch GrabPay mobile payment method in all 8 Southeast Asian countries this year, Grab has launched GrabPay in Malaysia on 26th June, making it the second country after Singapore. GrabPay is greatly accessibly and accepted by over 500 food and beverage merchants. Consumers can make purchases similar to other QR code payment methods, by scanning the unique QR codes provided at each merchant. When transactions are paid using GrabPay Credits, GrabPay Rewards points are earned to claim for items in the GrabRewards catalogue. Consumers can now choose to top up GrabPay credits into their Grab app and […]

Mobile wallet is gaining popularity all over the world, as it allows consumers to make cashless purchase straight from their mobile. In the latest ‘GroupM Mobile Wallet’ Study, WeChat Pay leads the mobile payment growth in Hongkong with a user base of 52%. Its user base grew more than 2.5 times as compared to 1 year ago from about 19% user base in 2017, overtaking major competitors like Apple Pay, Alipay, Samsung Pay and more. This comes after Tecent’s expansion of its cashless payment system earlier this year, as it allows Hong Kong residents to be able to use its […]

EMVCo, the facilitator of worldwide interoperability and acceptance of secure payment transactions, has created a QR payment Mark to promote global interoperability across EMV QR code payments. QR code payment have been increasingly popular as many countries push to become cashless, as QR code payment is convenient and secure, as well as being fast and efficient for users. This have caused many payment providers to hop into QR code mobile payment, causing stores to have many QR code displayed on their cashier. Thus, many countries had started to impose regulations on QR code payment, such as China, which restrict QR […]

NETS announced on 18 June that all UOB & OCBC customers will be able to digitally store their ATM card onto NETSPay app, allowing them to use it as a mobile payment mode for convenient fast and secure transactions. Together with DBS/POSB, the latest entrants in the NETS cashless system – OCBC & UOB – will allow more than 11 million NETS cardholder to make mobile payment through its NETSPay App. The app will allow up to 10 ATM cards to be stored digitally and make payment with a tap on their mobile phone (through NFC) or by scanning the […]

PayNow, a service which allow inter-bank transfer using mobile number or identification number, will be accepting business transaction on 13th August with PayNow Corporate. It means that businesses will be able to receive or pay money to other companies using this PayNow simply by linking their unique entity number (UEN) or registration number to their bank number. The service will be offered by 7 banks, which are already offering PayNow to their retail customers, namely Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank. PayNow is built on FAST, which is Singapore’s 24/7 real-time inter-bank […]