MANILA, Philippines—ECommerce in the Philippines continues to grow at an amazing rate. However, a large portion of the population is still untapped and is classified as “unbanked.” Unbanked is a term for people who do not have any bank or financial account.
Recent studies have shown that more than half of Filipinos prefer cash as the method of payment for both online and offline transactions. This proves that our country is still predominantly a cash-based society. Unfortunately, most online stores provide credit or debit card payment options only, leaving millions of possible customers unserved.
As a company that advocates the growth of eCommerce, AsiaPay has recently launched a payment service called “PesoPay PayCash.”
PesoPay PayCash is a real-time payment processing solution that makes it possible for merchants to sell online and accept cash payments from their customers at more than 5,000 payment centers located throughout the country. With PayCash, both unbanked and cash-based consumers can now make online purchases and pay in cash via payment centers such as BDO, RCBC, Bayad Center, and ECPay payment partners.
“We developed PesoPay PayCash to enable online and mobile businesses to capture more customers by providing an alternative payment option that is easily accessible for the masses,” said Mau San Andres, AsiaPay Philippines senior manager for sales and marketing. “Through our partnership with well-known payment centers, merchants who utilize PayCash will gain nationwide coverage in accepting cash,” he said.
One of the key features of PayCash is the Payment Tracker which allows customers to check the status of their cash payments by simply entering their payment reference number through either a widget on the merchant website or a tracker link sent via email. PayCash also has an Automated Validation feature that removes the hassles of manually verifying and reconciling over-the-counter payments.
Using PayCash is simple. After selecting which products to buy, customers only need to proceed to checkout on the merchant website and select PayCash as the payment method. The PesoPay system then generates a unique payment reference number which the buyer can take to any payment center to complete the transaction. Once they’ve paid, merchants are notified within 24 hours upon receipt.
Another benefit that comes from using PayCash is that provincial customers don’t have to pay for any additional service charges when transacting in either a BDO or RCBC branch. “PayCash is designed to improve online shopping convenience in the country by providing a payment method accessible to all Filipinos,” said San Andres. “We expect to see further progress in Philippine eCommerce, now that more customers can engage in eCommerce/mCommerce through the use of cash.”
Leading online payment service provider
AsiaPay Payment Technology Corp., the leading and award-winning online payment service provider in the Philippines, offers secure, comprehensive and integrated payment processing services to both SMEs and large enterprises.
AsiaPay is also a certified international 3D-Secure vendor for Visa, MasterCard, American Express, JCB and an accredited payment processor for banks, merchants and other PSPs. Through its robust payment gateway system called PesoPay, AsiaPay Philippines offers a wide range of payment solutions for online, mobile and in-store transactions.
AsiaPay is also PCI DSS Level 1 compliant since 2006. AsiaPay helps ebusinesses to generate revenue and build stronger relationships with its customers. To learn more about PesoPay PayCash, please visit pesopay.com. ADVT