Pioneering payment gateway provider, Dragonpay, foresees the continued growth of digital payment systems. Out of the 130M transactions it processed in 2022, 78% were facilitated through digital channels such as e-wallets and online banking. Meanwhile, 8% were done via physical channels, and 4% used credit cards.
This trend is fuelling the country’s journey towards being a cash-lite society. The Bangko Sentral ng Pilipinas (BSP) reaffirmed recently that the goal of digitizing 50% of transactions remains within reach as more consumers and businesses are opening up to transacting online for money transfers, bills payment, remittances, financing, managing investment portfolios, and more.
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 primarily accelerated by increased internet and mobile penetration in the country as well as our COVID-19 experience.
Robertson Chiang, founder and chief technology officer of Dragonpay, said, “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.”
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. “Alongside our continuous efforts to innovate alternative payments, we are also focused on ensuring efficiency in our systems through constant evaluation and improvements. Security is paramount whether they transact physically or digitally. Giving them the flexibility to pay must be coupled with making them feel protected.”
For 2023, Dragonpay is looking to reach and serve more Filipinos nationwide and sees strategic partnerships with financial players as key to making this happen. Internally, Dragonpay is reinforcing its team’s capacity and work environment to get employees geared up to deliver the best service to its partners and end-consumers.
Supporting the country’s bid to create a more robust financial infrastructure for the future, Dragonpay is ready to collaborate with businesses of all sizes, so they can leverage fintech solutions that keep pace with unfolding market developments.