FINANCIAL TECHNOLOGY firm Fexco EasyDebit saw robust growth last year, processing over P1 billion in transactions since its launch in 2017.
In a statement yesterday, Fexco EasyDebit said it recorded a 466% growth in withdrawal amounts in 2018 compared with the previous year, as well as a 375% year-on-year expansion in transaction volume last year.
EasyDebit allows accredited merchants such as remittance and payment centers, retailers, and rural banks to provide basic banking services such as withdrawals and balance inquiry to automated teller machine (ATM) cardholders.
The service provides an alternative for customers who do not have an immediate access to ATMs, especially in the far-flung areas.
As of end-2018, it now has 700 partners across the country, doubling from only 350 a year ago.
“2018 represents a significant year for the business. We have seen hugely positive growth trends across the county in terms of transaction volume, value and merchant growth demonstrating the robustness of the solution,” Fexco Philippines, Inc. Chief Executive Officer Ann Chan Foley was quoted as saying in the statement.
Latest data from the Bangko Sentral ng Pilipinas showed there were 21,098 ATMs around the country as of end-September, broken down into 11,721 machines that are on-site and another 9,377 machines off-site.
Looking ahead, Ms. Foley said EasyDebit sees continued growth in 2019 as it is set to partner with more merchants to reach more underserved Filipinos.
Two years ago, the central bank released new regulations allowing banks to serve clients through third-party cash-heavy businesses called cash agents to accept and disburse cash, facilitate online banking services, perform know-your-customer procedures as well as accept applications for loans and account opening.
Fexco is an Ireland-based financial services firm that offers solutions for industries such as payments and foreign exchange. Founded in 1981, it now operates in 29 countries across Europe, Middle East, Asia-Pacific as well as North and Latin America. — K.A.N. Vidal