AUB boosts e-wallet service as transactions breach P7 billion

MANILA, Philippines — Asia United Bank (AUB), the Rebisco Group’s banking arm, is gearing up its digital channels through higher spending on information technology particularly data security and capacity.

AUB president Manuel Gomez said e-wallets and mobile transactions are expected to continue to proliferate as many consumers who made the digital pivot are already discovering and growing accustomed to cashless and contactless modes.

Mobility restrictions and strict quarantine measures to slow the spread of COVID-19 led to shifts in consumer attitudes, behaviors and consumption patterns.

Electronic wallet (e-wallet) transactions via the bank’s HelloMoney launched in November 2019 surged by 2,000 percent and amounted to P7 billion last year.

HelloMoney allows account holders to perform various financial transactions such as fund transfer to any bank account via InstaPay, bills payment, prepaid mobile load, and remittance via Pera Padala to any accredited cash-out partner.

“We want to make sure that when more users open a HelloMoney, we are ready and able to welcome them into our world of contactless, cashless, and seamless transactions. They can then say goodbye to holding physical money and reduce their risk from the spread of the virus. This will be the new reality,” Gomez said.

Recognizing that competition is intensifying, the listed bank has also been steadily upping the ante in its e-wallet offerings. Mobile app users can maximize the benefits of their HelloMoney account as AUB is extending its free fund transfers to other banks via InstaPay until end- 2021.

In addition to the free fund transfer, HelloMoney users can also get hold of cash when they avail of a HelloMoney ATM card that enables them to withdraw from over 20,000 ATMs nationwide and pay over the counter in over 200,000 BancNet point-of-sale (POS) terminals nationwide.

The HelloMoney ATM card is linked to their e-wallet account and acts as a debit card. It offers a channel for overseas Filipino workers (OFWs) or those working far from their homes to send money to their families as money can be loaded into the HelloMoney account via 7-Eleven and Pera Padala remittance service.

Another unique feature of HelloMoney is making contactless payments using QR. By simply showing the QR code on their mobile phone, users can pay with their e-wallet in over 18,000 accredited AUB PayMate merchants.

AUB is among the first banks to adopt QR Ph, the Bangko Sentral ng Pilipinas’ national QR code standard supporting interoperable digital fund transfers and payments via a unique QR Ph code.