Tap and Beep: train cards transform into currency
AF Payments Inc., the firm behind the Beep card used across Metro Manila’s elevated train systems, announced on Monday a mobile wallet partner, tapping on a growing trend of consumers seeking to go cashless.
AF Payments, controlled by Ayala Corp. and Metro Pacific Investments Corp., said it has joined forces with Coins.ph. This will allow Beep card users to use their Coins.ph app to check their load and add credits to their Beep cards, used in a variety of mass transport options, including the Metro Rail Transit Line 3 and the Light Rail Transit Line 1 and 2.
To add credits, users tap their Beep card on the back of their phones, particularly NFC-enabled Android devices currently dominating the local market.
The partnership also comes as AF Payments’ affiliates seek to expand their digital wallet platforms.
Ayala owns Globe Telecom, whose GCash mobile wallet partnered last year with Chinese tycoon Jack Ma’s Alibaba Group. Metro Pacific is an affiliate of PLDT Inc., which backs the Paymaya platform.
Both also compete in certain segments with Coins.ph, which was described in press materials Monday as the “leading digital wallet and mobile payment app.”
Coin.ph users can use the app to pay bills, send money and buy prepaid load. It is also one of the few avenues in the country where consumers can buy and transact with bitcoins even sans a bank account.
Peter Maher, president and CEO of AF Payments Inc., downplayed competition on Monday, noting that Beep cards have their own niche.
“We’ve carved our own space [for] fast transactions,” he said. “It’s very difficult with some of the e-wallet providers to achieve the speed of transactions that you need for mass transportation.”
He was referring to the verification process it takes for other digital wallet transactions.
“We operate in milliseconds,” Maher said.
The Beep card was first launched in 2015 and Maher said 4.5 million cards are in use today. This was part of the automated fare collection system public private partnership project that AF Payments had earlier won through public bidding.
AF Payments has been expanding the use of the Beep card among convenience store chains and toll roads, such as North Luzon Expressway and Cavite Expressway.
Maher said merchants would welcome more options.
“Merchants look at this in terms of just another currency,” he said. “Sometimes you’re an e-wallet guy, or you use cash, coins. They know there is currency in a Beep card.”
