While apparent even before the pandemic hit, the possible ramifications of having limited access to financial tools, became more obvious when the lockdown began.
Thankfully, access to and usage of these financial services surged last year as a result, mostly because of the joint efforts by government bodies like the Bangko Sentral ng Pilipinas (BSP) and private sector industry players like BTI Payments Philippines, Inc., which successfully boosted financial inclusivity in the country.
A vision to provide more access ‘where Filipinos are at’
A subsidiary of Sydney-based, ATM-market-industry leader Banktech, BTI Payments Philippines Inc. was established in 2015 with the vision of providing payment solutions in underserved and underbanked communities. At the time, ATM density in the country was very low with an ATM to population ratio of 22 to 100,000 compared to neighboring counties which had 50 to 100 machines, serving every 100,000 residents.
With this lack of accessibility, BTI Payments began to deploy “Cash Connect” ATM machines accredited by Bancnet, in both urban and rural areas frequented by Filipinos. These machines allow anyone with an EMV-enabled and Bancnet accredited ATM card to withdraw cash conveniently.
In line with their mother company’s drive for innovation, BTI Payments also launched “Pay and Go” kiosks in community markets and convenience stores to further provide Filipinos easy and more convenient access to both e-money services and digital transactions.
At present, BTI Payments owns and operates more than 600 Pay & Go kiosks and Cash Connect ATMs nationwide, providing safer alternatives for Filipinos to transact at more locations, given today’s strict lockdown requirements.
View the full article at Business Mirror.