Fexco EasyDebit, one of the Philippines’ most innovative fintech solutions is marking a significant period of growth having processed over P1 billion pesos in transactions since its launch in 2017.
The growth is further reflected in increases of cash withdrawal amounts (up 466% in 2018 v 2017) and transaction volume (up 375% in 2018 v 2017).
EasyDebit is a unique service that uses a mobile Point of Sale (or mPOS Pin Entry Device) and a mobile phone allowing customers in the Philippines to withdraw cash using their ATM card at any number of local accredited merchants including; payment and remittance centres, retailers, rural banks and cooperatives instead of having to travel to an ATM.
EasyDebit is a ‘plug and play’ solution requiring minimal installation for merchants who simply download the EasyDebit Mobile App. The solution has the capacity to reach over 100million people, many of whom are disconnected from the limited ATM infrastructure in the Philippines. Through merchant uptake and participation EasyDebit promotes financial inclusion by providing more secure access to cash withdrawal for the millions of unbanked Filipinos. Uptake of EasyDebit increased by 100% in 2018 (v2017) and the solution is now live with over 700 merchants across the country.
Speaking about the growth seen by EasyDebit this year, Ann Chan Foley, CEO at Fexco Philippines, Inc. commented: “The year 2018 represents a significant year for the business. We have seen hugely positive growth trends across the county in terms of transaction volume, value and merchant growth demonstrating the robustness of the solution. We are excited to continue this growth in 2019 as we further expand the EasyDebit network helping to reach more unbanked and underserved Filipinos.”