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Sunday, April 21, 2024

BTI Payments expands access to financial services

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Financial services provider BTI Payments is setting its sights to serve a growing market of digital services. To date BTI has reached over 1,000 locations nationwide and continuously expanding its reach to bring its services closer to the underserved market.
BTI is now moving ahead from a protracted legal dispute of its previous commercial engagement with Manila Express Payments Systems (MEPS).

In a recent ruling, the Philippines Dispute Resolution Center Inc. (PDRCI) issued its final award to settle the issues between BTI and MEPS. Under this award, both parties are expected to accept and fulfill the terms of the settlement.

In the spirit of arbitration, BTI accepts the award and shall ensure compliance. MEPS, on the other hand, continues to resist the execution of the award and resorted to take measures to appeal the decision. Regardless, BTI is free to continue rolling out its existing self-service payment solutions with greater focus to meet the requirement of more deployments from key partners.

Basic financial services to be bridged

Access to financial services remains a significant issue for many Filipinos, particularly those living in low-income and minority communities. According to a 2021 report from the Bangko Sentral ng Pilipinas, 42.9 million adults, which is equivalent to 56% of the population, do not have a bank account.

This lack of access to mainstream financial services means they cannot use the appropriate tools, services, and resources to manage their finances, build wealth, and improve their livelihoods for themselves and their families.

Cash to Digital

BTI Payments is working on innovative solutions to bridge the gap between cash and digital transactions. BTI’s Pay & Go kiosks and Cash Connect ATMs allow individuals to access financial services regardless of location or financial capabilities. The company’s goal is to contribute to financial inclusion and serve the excluded public.

Pay & Go kiosks allow users to purchase airtime, pay bills, load their digital financial accounts. CashConnect ATMs are deployed in locations where they are needed most. With these solutions, BTI Payments is making it easier for millions of Filipinos to access their financial accounts.

BTI Payments is a leading provider of self-service payment kiosk solutions in the Philippines, holding certifications from the Bangko Sentral ng Pilipinas (BSP) and accreditation as an independent ATM deployer from Bancnet.

The company is a subsidiary of Banktech, a well-established ATM and payment technology enterprise with over 30 years of experience in the industry. Banktech owns and operates over 16,000 payment terminals in Australia, India, and Southeast Asia.

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