With Filipinos having discovered the convenience of electronic payments during the pandemic, it was perhaps inevitable that the holiday season would see new records set in terms of transaction volume and values.
And so it was for real-time interbank money transfer service InstaPay, which recorded its highest single-day volume of 1.88 million transactions on Dec. 15.
More importantly, the payment system—which is just a little over 3 years old—also saw its total transaction value hit an all-time high of P12.9 billion.
BancNet, which owns and operates InstaPay, said this volume was 54-percent higher than the volume of 1.2 million transactions, while the total value was 71 percent more than the P7.6 billion recorded on the same day last year.
What’s so significant about Dec. 15? Well, that date is the last payday before Christmas and when some employees also receive their 13th month pay or Christmas bonuses, according to the firm.
It added that, on top of InstaPay services, total approved switched transactions processed by BancNet on that date exceeded 6 million, including transactions at ATMs, point-of-sale terminals.
This volume is 37 percent more than the total volume from the same date last year, and the total value of these transactions of nearly P27 billion is 31-percent higher compared to the same day last year.
BancNet CEO Elmarie Reyes said that, as of Dec. 15, total InstaPay transactions for the year increased by 86.6 percent from 2020 “indicating that people have embraced digital financial transactions.”
“The strict community quarantines last year forced us to go digital but even with the easing of mobility restrictions these past few months, InstaPay continued to grow relentlessly,” he said, adding that the share of InstaPay to total switched transactions in 2020 was 27.6 percent, but has now risen to 31.2 percent.
“We expect this upward trend to continue next year as access to the internet expands along with the country’s economic recovery,” he said.
Now that’s something to look forward to in the new year.
—Daxim L. Lucas
Mental health pandemic
More Filipinos are seeking mental health assistance during the pandemic, straining professionals on the front lines.
In fact, the National Center for Mental Health (NCMH) estimates that the average volume of monthly calls nearly quadrupled during the global health crisis.
NCMH hotline responders and staffers working in the emergency room and psychiatric acute unit provide critical but sometimes underacknowledged work.
It was thus a fitting tribute when the PayMaya team recently took a momentary break from mapping their aggressive expansion goals to visit NCMH and donate 100 Christmas baskets to their front-liners.
For Nick Wilwayco, head of public affairs and communications at PayMaya, it was about promoting mental health, especially among the youth, who are a key segment for the financial technology company.
“We are paying it forward to our mental health front-liners who have been helping fight this silent battle. We admire them for bravely dedicating their time and effort to help those suffering from mental health issues,” she said. —Miguel R. Camus
Aid for heroes
In addition to government aid, employees of the National Electrification Administration (NEA) volunteered to raise funds to extend financial assistance to the families of the linemen who lost their lives in the line of duty.
Al Abarico of Surigao del Norte Electric Cooperative and Ronald Gallarde of Negros Oriental II Electric Cooperative were working to restore the electricity in their respective hometowns that were struck by Typhoon “Odette” (international name: Rai) when both were electrocuted.
“They will both be remembered for their exceptional efforts to alleviate the aftermath of [Typhoon] Odette. In honor of these men and in the spirit of solidarity, NEA employees initiated a collection to be given to the families of Abarico and Gallarde,” the NEA said.
As of Monday, the employees were able to raise P50,000.
We are one with the families of Abarico and Gallarde, and the others who were adversely affected by the calamity.
—Karl R. Ocampo
International exposure
It’s rare for a Philippine company to gain international news coverage so it was surprising for some to see the GCash mobile wallet recently featured on the show of CNN anchor Julia Chatterly.
The host of First Move with Julia Chatterly interviewed GCash president Martha Sazon in a segment that ran a few minutes but was packed with information about the company’s vision for tomorrow.
Chatterly had covered the global business scene extensively and has shown an interest in transformative technologies within the financial sector.
Fresh off a new round of fundraising that valued GCash’s parent firm Mynt at $2 billion, Sazon said the company was indeed focused on transformation as it penetrates deeper into the country’s vast unbanked population.
With the pandemic providing a powerful push, GCash has reached over 51 million users and 15 million daily active transactions.
Sharing future plans, Sazon said they wanted to double down on the lending business while encouraging young Filipinos to invest early.
Another big growth area was cryptocurrency trading and other types of “local trading or global trading,” Sazon said.
GCash, backed by Globe Telecom and Chinese billionaire Jack Ma, is one of several Philippine fintechs claiming a stake in what remains a largely underserved segment. With rivals upping their game, we expect to see even more exciting developments here in the near future.
—Miguel R. Camus
McDonald’s charging stations
Expect to see charging stations for electric vehicles (EVs) in selected McDonald’s branches in Manila following the partnership between Meralco’s subsidiary eSakay Inc. and McDonald’s operator Golden Arches Development Corp.
In a statement, the power provider said it tapped McDonald’s “Green and Good Stores” in Ermita, Manila, Shaw Boulevard in Ortigas and Wack-Wack in Mandaluyong City to provide affordable charging stations for EV users.
The charging stations will cater to two- and three-wheeled EVs, in line with McDonald’s support to create more environment-friendly stores for its customers.
Those who use e-bikes and e-scooters can easily use the coin-operated charging stations. They can simply plug their vehicles for a minimal fee of P1 for a five-minute charge, P5 for a 25-minute charge and P10 for a 50-minute charge.
eSakay is looking to strengthen its collaboration with the fast-food chain giant by deploying more EV stations to more branches in the future.