BPI’s e-wallet VYBE targets to grow user base

BANK of the Philippine Islands’ (BPI) e-wallet VYBE has partnered with self-service kiosk provider Pay&Go to offer free cash-in services as it targets to grow its user base and help in facilitating cashless transactions.

The partnership is meant to provide VYBE users with an additional way to access their accounts and help expand its reach to non-BPI clients and the country’s unbanked population, the bank said.

This, as around 85% of the 2.3 million VYBE users are the bank’s clients, BPI said.

“But we also have a good number of new-to-banks that we have gained through the year,” BPI Head of Digital Partnerships and Ecosystem Frederick M. Faustino said at the launch event on Thursday. “It’s a good number and we hope to continue to grow that one because it’s also aligning our vision for financial inclusion.”

He said they aim to reach 2.5 million users by yearend and double it by 2026.

“Digital banking must serve not only the tech-savvy but also the overlooked,” Mr. Faustino said. “As we expand VYBE’s access through Pay&Go, we are building a more inclusive financial landscape where every Filipino has the tools to move forward.”

Through the partnership, VYBE users may top up their digital wallet for free via any of Pay&Go’s 3,400 kiosks nationwide.

Pay&Go Chief Executive Officer Danilo C. Ibarra said cash-in is a “huge thing” in the Philippines, with 80% of the population remaining cash-dependent.

“It really becomes a way by which people can be given access to their apps,” Mr. Ibarra said during the event. “So, for all VYBE users, which I think is at about 2.3 million, this gives them an opportunity, an alternative, where they can access their account.”

Since the partnership was rolled out in September, the value of VYBE transactions made via Pay&Go has reached over P30 million monthly, he said.

“It’s been just a little over a month. Right now, we’re doing about P30 million a month,” he told BusinessWorld on the sidelines of the event. “So, mabilis (it’s fast)… The fact that we’re getting that kind of traction right away, it goes to show the promise of the product and how VYBE can really contribute (to) the gross transaction value.”

However, that figure remains small when compared to Pay&Go’s P10-billion total transaction value last month, he said.

Mr. Ibarra added that he expects the value of VYBE cash-ins done through their kiosks to grow to around P40 million to P50 million this month.

“True digital transformation means extending real value to the underserved. Our partnership with Pay&Go brings us closer to communities. By making it easier — and free — to cash in to VYBE, we’re helping more Filipinos participate in the digital economy,” BPI Chief Technology Officer Alexander G. Seminiano said in a statement.

The share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms in 2024, based on the latest Bangko Sentral ng Pilipinas (BSP) data. These are up from 52.8% and 55.3%, respectively, in 2023.

The BSP wants online payments to make up 60-70% of the total volume of retail transactions by 2028 in line with the Philippine Development Plan as part of its goal of transforming the country into a cash-lite economy. — Katherine K. Chan