From Payment Center ng Barangay to Financial Hub ng Barangay: TrueMoney Opens Doors to More Partnerships
By Paula Isaiah Panganiban
Manila, Philippines – The economy of the Philippines is rapidly changing and more and more FIlipinos are converting to cashless payments and transactions.
In the recently released BSP Digital Payments Transformation Roadmap 2020-2023 of the Philippine Central Bank or Bangko Sentral ng Pilipinas’ (BSP), the thrust to promote financial inclusion and digitalization of payments are mutually reinforcing each other.
As it unfolds in the country, BSP has been fostering the growth and development of digital payment innovations through enabling policies and regulations in the country and also promotes further financial inclusion and aims to achieve 70 percent financial inclusion and 50 percent digital retail transaction volume by 2023.
Now, for most Filipinos going cashless is no longer uncharted as it is considered safe, convenient, and easier to track in terms of financial records. We are comfortably availing transactions at minimum charges to perform bills payments, supermarket and retail shopping not only in Manila but in various locations in the country.
Expansion of Use of e-Wallets and Cashless Payments in the Country
The pandemic has truly accelerated the Philippines’ digital transformation, with different e-wallets leading the charge in enabling Filipinos, national agencies, local government units (LGUs), SMEs and even Sari-Sari stores to accept all kinds of cashless payments and disburse financial aid anytime, anywhere in the country.
With this in mind, it’s high time for fintech companies to build each other in order to service more Filipinos and offer more convenient options that are both reliable and fast. This means, expansion of access for unbanked territories in the country to increase their economic opportunities and improve their lives.
TrueMoney’s role and YOUR role in this time of digital evolution
While the fintech industry in the Philippines is booming, there are still significant challenges when providing financial and banking services in rural areas.
Truemoney, as a pioneer fintech in the Philippines has been able to establish strong network ties in rural areas. With over 20,000 agent network nationwide – and is continuously expanding in these Sari-Sari stores and other SMEs; which are considered as the backbone of the grassroots economy.
We have made digital services closer to each and every Filipino within their barangay or barrios who want to pay bills, load, send cash and receive remittances – thus, achieving our goal of financial inclusion to curb poverty, reduce inequality and potentially enhance productivity and long-term growth of the country.
“TrueMoney can offer a variety of benefits, including access to a large and growing Agent Network and customer base, Offline to Online financial solutions, and comprehensive support services. With TrueMoney, partners can take advantage of Agent Network nationwide and industry expertise to grow their businesses and achieve their financial goals more easily. Whether you’re a small business owner or a large corporation, partnering with TrueMoney can help you reach new heights in the world of finance,” according to Cash-in Cash-out and Payments Manager Pat Valencia.
Valencia also stresses what makes TrueMoney different from other e-payment services in Asia, “TrueMoney is a leading financial services provider that has established partnerships with various institutions to offer its users a range of financial products and services. Partnerships with large & small Financial Institutions bring a wide range of benefits, including access to more financial products, convenience, and increased security to its consumers. These partnerships are a testament to TrueMoney’s commitment to providing its users with access to quality financial products and services.”
We are opening our doors to create more partnerships to expand the services we can offer to our beloved Filipinos wherever they are in the Philippines – to achieve this goal with us.
“With the increasing popularity of e-wallets have evolved significantly over the years, it’s clear that they are shaping the future of payment methods. The convenience and accessibility of e-wallets have made them an attractive option for many Filipinos, particularly those who are unbanked or underbanked.
“With several big players competing for market share there is also a growing trend towards coopetition, where companies collaborate and achieve common goals to create a more seamless payment ecosystem, benefiting both the companies and the consumers. This trend is expected to evolve and shape the e-wallet industry in the Philippines,” says Valencia.
TrueMoney believes that working together in unison not just creates more visibility but expands services offered to Filipinos to create more choices where they can comfortably process transactions and build trust. Together, with a common goal to digitize the Philippines, TrueMoney will help achieve this together with e-wallets, digital banks and fintech players.
“With the rise of digital wallets and digital banks, there is a need to widen the reach where Filipinos can be able to convert cash to digital and vice versa. This is where TrueMoney will be significant in this digital transformation journey. TrueMoney’s vast network provides & helps fintechs to have additional access points and go to market quickly.” TrueMoney President Manuel Cabanero added.
Interested to partner with us? Email us at [email protected]. Hope to hear from you soon, Partner!