Chinese payment brand targets Philippines prepaid-based consumers

CEBU, Philippines — Chinese payment network UnionPay International is capitalizing on the popular usage of prepaid card in the Philippines to help develop a cashless economy in the country.

In a press conference yesterday, UnionPay International Southeast Asia deputy general manager Vincent Ling announced that although the card-payment platform has already introduced prepaid options on top of its debit and credit card choices, it has to roll-out extensive availability of its prepaid card access to capture the 70 percent of Filipinos who are not maintaining bank accounts.

Cashless payment card, in the form of prepaid cards in order to maximize e-Payment technology, will soon be available in major retail outlets like 7-Eleven, or sari-sari stores.

At present, UnionPay is partnering with five issuers in the Philippines, these are BDO, PNB, Bank of China, RCBC Bancard and OmniPay.

It also recently inked an agreement with Bancnet in the Philippines.

UnionPay is a global payment network that serves the world's largest cardholder base.

Entering into the prepaid-based consumer group in the Philippines is where UnionPay is banking on for its growth here.

It is also on its active move to partner with local merchants, such Mercury Drug chain, among others to expand its payment system coverage in the Philippines.

UnionPay Card is accepted in 168 countries and regions around the world. It currently has 7 billion cardholder-based.

Yesterday, Ling introduced its QR Code payment platform at the Innovation Summit Exhibition at the Waterfront  Cebu City Hotel and Casino.

Cebu's businesses are also encouraged to be part of the UnionPay network to tap the growing 7 billion UnionPay card issued in 168 countries and regions.

Cebuano businesses are invited by Ling to join the 51 million merchants and 2.57 million ATMs accepting UnionPay in 168 countries.

UnionPay partners over 1,800 institutions worldwide to provide access to value and secure payment solutions that are tailored to the needs of local market, to enable choice and ease of payment for consumers and businesses alike.