VYBE, the e-wallet platform powered by Bank of the Philippine Islands (BPI), expects to reach 4.3 million users this year, a 138-percent increase from 1.8 million last year, after teaming up with ECPay to bring convenient cash-in services closer to more Filipinos.
Eric Faustino, head of digital partnerships and ecosystems at BPI, said he expects bulk of new VYBE users to come from non-BPI account holders.
“We are looking at ending the year with 2.5 million incremental clients, and I think that is extremely possible with our different initiatives,” Faustino said.
With the partnership with ECPay, VYBE users can conveniently top up their e-wallets by selecting ‘VYBE by BPI’ on any of the 1,300 ECPay kiosks nationwide, with zero convenience fees.
Cash-ins will also soon be available at over 4,000 partner stores, including supermarkets, pawnshops, gasoline stations and sari-sari stores.
“Our expanded partnership with ECPay is a significant step in making VYBE more accessible to Filipinos nationwide. We are excited to offer users an easy and convenient way to top up their e-wallets and engage with the digital financial ecosystem, helping to drive financial inclusion in the Philippines,” Faustino said.
Faustino said cashless transactions like paying bills, online shopping or sending money could done through VYBE app for free. User will also receive reward points for every transaction done through the VYBE app. The reward points can be redeemed as shopping credits, gift vouchers and others.
Non-BPI VYBE App users will have transaction limit of P10,000 a month, while BPI VYBE app users will have transaction limit of P300,000 per month.
Fausttino said with ECPay’s wide network of over 4,000 partner outlets, VYBE can reach more users in cities and provinces, helping them join the digital economy. The development also helps bridge the gap for those who lack access to traditional banking, he said.