UnionBank of the Philippines, Inc. said it launched a payment acceptance hub that will allow small businesses to collect payments online. 

Known as UPAY, the platform allows micro-, small-, and medium-sized enterprises (MSMEs) to send links with the details of the amount to be paid. 

“(UPAY) provides MSMEs with the capability to send payment requests and collect payments. The gateway also provides a checkout facility and accepts all modes of payment from fund transfer, over the counter payments, e-wallets, debit cards to credit cards, enabling them to complete the transaction at the point of sale,” the bank said in a statement. 

Payments may be coursed through various payment channels including UB online, as well as through over the counter transactions with partners like 7-11 stores and ECPay outlets. 

“This allows them to skip the hassle of having to give their bank details, total amount, and manually typing the description of the order and sending it to customers through a messaging app,” the bank said. 

UnionBank President and Chief Executive Officer Edwin R. Bautista said earlier this year that the company’s “moonshot” target was to bring financial services to over a million MSMEs. 

The lender also has an MSME Business Banking App through which small businesses can manage their finances through services like digital account opening, bills paying, check deposit online, and payments to suppliers and the government.  

“MSMEs are the backbone of the Philippine economy and their success is crucial especially amid challenging instances like the current pandemic. We want to make sure that every MSME goes to us for their digital and financial needs because we believe that we always come prepared with the right solution and answer for them when they do,” UnionBank Executive Vice President and Chief Financial Inclusion Executive Manuel G. Santiago, Jr. said. 

 The Department of Trade and Industry estimates that MSMEs accounted for 99% of the roughly one million business establishments in the Philippines in 2018. – Luz Wendy T. Noble