JazzyPay Partners With BPI for Secure Online Payments to Merchantsby Fintech News Philippines November 6, 2020
JazzyPay, a local fintech company, announced its partnership with the Bank of the Philippine Islands (BPI) enabling Filipinos to make secure online payments to essential businesses.
JazzyPay offers an online payment gateway system that allows businesses to collect payments via 27 payment methods, including credit and debit cards, online banking, e-wallets, and over-the-counter cash deposits. The strategic partnership with BPI, a commercial bank in the Philippines, will empower BPI’s online banking users to make cashless payments to JazzyPay’s partner merchants.
According to the Bangko Sentral ng Pilipinas (BSP), electronic fund transfers rose by 74% in volume during the enhanced community quarantine. BPI had also recorded a surge in online transactions through their platform, with an increase from 72% to 95% in client transactions.
Since the government eased the quarantine in June, the share of digital transactions has been at 92%. With reportedly over 4 million BPI online banking users, more people will now have the ability to pay online through Jazzypay, therefore increasing the accessibility of cashless payments.
Since its launch in 2018, JazzyPay is said to now serve hundreds of partner merchants across the country. Merchants are able to easily adopt cashless payments with JazzyPay’s fast and free onboarding process, in contrast to traditional players that require large deposits upon registration and have long approval processes.
“With the rise of online transactions, JazzyPay’s partnership with BPI will offer a trusted payments channel to more Filipinos across the world, offering greater ease and assurance.With BPI’s online banking payment facility directly integrated into our secure platform, our partner merchants and their payers from the Philippines and from abroad can be assured that their transactions will be safely processed.”
said Kathleen Acosta, Co-founder and Chief Operating Officer of JazzyPay.
“Where most digital wallets are focused on peer-to-peer payments, BPI’s partnership with JazzyPay enables customer-to-business digital payments which is an integral part of the new business landscape,”
said Noel Santiago, BPI’s Chief Digital Officer.
JazzyPay had recently raised a USD 500,000 seed round led by early-stage venture capital firm Cocoon Capital.