Online payment gateway Dragonpay is geared toward digitizing more Filipinos, as digital payment systems have been growing significantly, backing the aim of the Bangko ng Sentral ng Pilipinas to digitize more citizens in terms of cashless transactions.
The BSP recently reaffirmed that the goal of digitizing 50 percent of transactions remains within reach as more consumers and businesses are opening up to transact online for money transfers, bills payment, remittances, financing, managing investment portfolios, and more.
Dragonpay foresees that this trend will continue seeing that out of the 130 million transactions it processed in 2022, 78 percent were facilitated through digital channels such as e-wallet and online banking.
Meanwhile, eight percent were done via physical channels and 4 percent using credit cards, as more businesses are compelled to leverage the growth momentum of digital payments, primarily e-commerce, and the promise of cross-border selling in global marketplaces.
These two are accelerated mainly by increased internet and mobile penetration in the country during the Covid-19 experience.
“We have been working with businesses of all sizes to get them on board in the digital economy. Creating payment solutions for them means more opportunities to scale their businesses and reflects their impetus by broadening payment options that are accessible, safe, and convenient for their customers,” Robertson Chiang, founder and chief technology officer of Dragonpay, said.
Currently, Dragonpay’s network consists of more than 3,500 merchant and channel partners.
Dragonpay enables over 60 payment collection and payout partners with 35,000 branches serving various communities across the archipelago.
For Chiang, building trust among stakeholders is crucial in promoting a cash-lite society. Payment innovations must enable a win-win ecosystem where merchants, customers and communities benefit from frictionless and secure transactions.