In order to flatten the curve and make it easier to eradicate the havoc that the coronavirus or COVID-19 has wreaked over the Philippines and the world, healthcare workers and government officials have been united in the effort to keep their citizens at home. The implementation of the Enhanced Community Quarantine (ECQ) has had a great impact on our lives and introduced us to a new normal: suddenly the digital world and all its platforms are abuzz with activity! Our days have become heavily reliant on the use of technology in order to get tasks done and work from home, to communicate with our family and friends, to keep abreast with the latest news updates and developments, to keep ourselves occupied and entertained, and even to keep our finances in check.
During these times of uncertainty, online banking and e-commerce have helped to assuage our financial worries by providing an avenue for us to transfer, receive, and use our money to conveniently acquire basic necessities without leaving the comfort of our homes. Despite the decrease in demand volume brought about by these unfortunate circumstances, the financial technology (FinTech) industry continues to thrive because of the surge in the public’s purchasing of digital content (e.g. online games, Netflix, Spotify), demand for cash transfers, and need for financial assistance.
When asked about the current situation of businesses, Mr. Robertson “Dick” Chiang, founder of payment conduit Dragonpay, responded that “the extended community quarantine has served as a rude wake-up call for all industries to seriously consider and implement a digital strategy. All businesses, big or small, had to quickly jumpstart their e-commerce initiatives or face the prospect of zero sales while incurring expenses. This is the new economy wherein businesses have to be agile and quickly adapt or perish.”
The virus has opened the eyes of many businesses making them realize the urgent need to create or vamp up their digital presence. With limited outlets open, a lot of businesses have moved online to sell their products. Once sold, these products are delivered through couriers. In transactions like these, Dragonpay serves as a mediator between buyers and sellers. What is now one of the Philippines’s biggest and most reliable online payment platforms began as a humble start-up. Prior to establishing Dragonpay, Mr. Chiang dabbled in online credit card payments frequently while employed at a different company. It was then that he realized that such a platform would give people with no credit cards a convenient opportunity to pay for anything they wanted to purchase.
Dragonpay is a one-stop-shop gateway where sellers using various online platforms can make a payment to their selected merchant. Through the use of unified online banking, the partner company or merchant is given the chance to increase his market base even though he banks exclusively. By accepting payments through Dragonpay, he can immediately collect from all other major commercial banks and let Dragonpay take care of payment consolidations to the merchant’s main bank. This strategy minimizes the physical handling of both products and payments.
Their service is equally advantageous for consumers as Dragonpay allows them to make purchases and perform transactions like topping up their GrabWallet to order food and purchasing Netflix vouchers. Payments may then be made via the consumer’s preferred online banking outlet or the neighborhood LBC or 7-11. The payment channel also empowers other essential workers like FoodPanda riders by encouraging them to remit their daily collections with Dragonpay’s registered partners like Palawan and RD Pawnshop in order to enable the riders to maximize their time and daily profit.
Because of Dragonpay, all kinds of businesses, especially those in the food trade, can procure payments from various channels even in the absence of credit card terminals or an online facility.
In order to ensure the safety of every transaction, one of the services Dragonpay offers is SureTayo (www.suretayo.ph), an escrow service that allows buyers and sellers to avoid being scammed. In addition, this service allows for person-to-person commerce and the selling of any items (e.g. food, groceries, and personal protective equipment) while ensuring a safe and convenient transaction.
Dragonpay is also instrumental in powering bank partners like Unionbank to enable their account holders to send cash through channels like LBC, Cebuana Lhuillier, and Perahub.
When asked about whether they plan to expand the reach of their network through international linkages in the future, the payment tycoon explained that the Philippine market remains their main focus. However, they have partnered up with companies like PNB Remit, who gives them access to cash counter channels worldwide that accept payments for products and services purchased in the Philippines. For example, an OFW is able to pay for his child’s tuition fee or graduation party from wherever he is in the world with the help of a Dragonpay merchant.
In addition, Dragonpay also provides the Philippine payments for regional and global partners that allow them to reach multinational merchants like Facebook, Agoda, and Shopify to name a few.
In order to buffer the disadvantages and losses the pandemic has brought forth, Dragonpay has made adjustments to its set up fee to accommodate merchants who are interested to come onboard and avail of their service provided that fifty percent (50%) of the payment be done upon availing, while the other half may be paid after a sixty (60) day period.
Dragonpay Lite is also an offered option. It has no setup fee for the Ministry of Micro, Small, and Medium Enterprises (MSMEs) that want to start selling online, especially during the period of the ECQ.
During this quarantine season, Dragonpay is 100% operational and continues to run its system through an Internet Cloud. In keeping with the government’s orders, all employees are working from home and conduct meetings through videoconferencing. The payment conduit has remained committed to ensuring all employees of continuous employment so as not to hamper their wellbeing and health or disrupt their security and enable them to provide adequately for their needs and the needs of their families.
Following its company’s main tenets, integrity and honesty, Dragonpay’s unparalleled service as the nation’s leading payment conduit even in times of great crisis, makes it a true champion for safe and secure payments.
ADVT