Why download the latest electronic payment platform UPAY for small, medium and micro enterprises? Let me tell you a story.
I am a very stubborn and loyal customer. If I use a particular application, brand or product, I tend to stick to it, especially when I am satisfied with it. If you want me to download or use a different product, then I should have a good reason to do so.
My internet service provider changed companies, so the old payment system I used to pay bills was no longer an option. They gave me a new account and told me to download this electronic payment platform so that I can easily use them to pay bills, and I was very angry. I don’t want a bunch of apps on my phone just to pay a bill. In addition, if everything is scattered, it will be difficult to track my finances in this way.I insisted on my position, became very stubborn, and paid through my bank app (by the way, I use UnionPay application).
I only need to send my payment confirmation via email and message on their social media, which is bothersome for them and me, but will not distract my financial records in this way. Now they have adapted and allowed to pay through my bank again.
In any case, this story is about compelling reasons, conveniences and rewards. Will be the three things I need to let me download a new financial app.
Because of the epidemic, Filipinos are more comfortable using digital payments than ever before. Last month, Banko Sentral ng Pilipinas reported that digital payments accounted for 20.1% of all transactions in 2020, more than double the 10% two years ago. This strong momentum is creating opportunities for enterprising Filipinos engaged in e-commerce.
To help the country’s micro, small and medium enterprises (MSMEs) take advantage of this growth trend, the region’s digital pioneers and the country’s most important MSME bank UnionBank (UnionBank) launched a breakthrough feature, It will make electronic payment easier and safer not only for customers but also for MSME-MSME’s new UPAY.
This was announced at the bank’s 12th E-TalkTales media event, in which Jaypee Soliman, Vice President and Head of MSME Department of UnionBank, and Gerry Austria, Head of Merchant Acquiring and Payment Gateway of UnionBank, discussed the rapid development of digital payment in the country. Key role in the market.
Soliman started the discussion by talking about the state of digital payments in the country and cited the significant increase in the number of Filipinos using these payment solutions. This shows that Filipinos are now more open to the idea of becoming a cash-less society.
“This shows how consumers are doing digital transactions now. They are ready. They are there. The number of Filipinos with e-wallets and bank accounts continues to grow. But the question is, are MSMEs ready to accept digital payments?”
UPAY function of MSME
- UPAY is a pioneering digital payment solution designed to allow small, medium and micro enterprises to accept multiple payment methods.
- It is a fully integrated single platform for payment collection, with other features that make it easier for entrepreneurs to make inbound payments, including the option to generate payment links with multiple payment channels and
- Option to generate InstaPay QRPH for digital and physical channels.
- The seller can create a payment link for a single item or product and send it to the customer so that the seller can track which items are available for sale and which customers have paid.
“UPAY for MSME is a payment gateway embedded in our MSME commercial banking application. Businesses of all sizes and types now have the ability to generate payment links, request payments, send them to customers, and provide multiple payment options. All of this can be reconciled and credited to a joint bank account,” Soliman said.
The convenience of UPAY’s acceptance of payments is that customers can use Unionbank Online, InstaPay, other digital wallets, credit/debit cards, and even through UnionBank’s extensive network of partner channels across the country to conduct counter transactions and choose their preferred payment channel .
“When we conceived UPAY for MSME, we wanted to eliminate all the different hassles that merchants encountered when setting up payments. One of them was that they had to connect to the point of sale system, had to use different devices, and had to download different apps,” Austria said.
“Secondly, it’s the efficiency of doing business. You don’t need to be in your physical store to get customers to pay you. You may actually be on vacation elsewhere and someone wants to buy them through your Instagram or Facebook posts The product you see. In fact, you only need to create a payment link and send it to the customer, which is very convenient for both the merchant and the customer,” Austria added.
Through the new function, UnionBank hopes to provide a level playing field for small, medium and micro enterprises by making this function available to MSMEs. Previously, only large merchants could use this function as part of the enterprise platform, and these platforms are too technically demanding for small enterprises And the price is expensive.
access www.unionbankph.com/msme/upay Learn more about Unionbank UPAY for SMEs.
