MANILA, Philippines, November 06, 2020 -- JazzyPay, a local fintech company, today announced its partnership with the Bank of the Philippine Islands (BPI) to enable millions of Filipinos to make secure online payments to essential businesses.
According to the Bangko Sentral ng Pilipinas (BSP), electronic fund transfers rose by 74 percent in volume during the enhanced community quarantine, highlighting the accelerated use of digital payment platforms during the pandemic. JazzyPay offers an online payment gateway system that allows businesses to collect payments via 27 payment methods, including credit/debit cards, online banking, e-wallets, and over-the-counter cash deposits. The strategic partnership with BPI, one of the largest commercial banks in the Philippines, will empower millions of BPI’s online banking users to make cashless payments to JazzyPay’s partner merchants.
With the recent lockdown, BPI has recorded a surge in online transactions through their platform, with an increase from 75 percent to 95 percent of client transactions done online. Since the government eased the community quarantine status in June, the share of digital transactions has been at 92 percent. With JazzyPay, BPI’s four million online banking users will now have the ability to pay online for medical fees, dental fees, school fees, and other services, significantly increasing the accessibility of cashless payments to even more Filipinos.
Since its launch in 2018, JazzyPay now serves hundreds of partner merchants across the country, achieving accelerated growth in the number of partner merchants. Merchants are able to easily adopt cashless payments with JazzyPay’s fast and free onboarding process, in contrast to traditional players that require large deposits upon registration and have long approval processes. Some of JazzyPay’s most notable partners currently include Manila Adventist College, Adventist Medical Center Manila, Adventist Hospital Santiago City and the Dr. Arturo P. Pingoy Medical Center.
“With the rise of online transactions, JazzyPay’s partnership with BPI will offer a trusted payments channel to more Filipinos across the world, offering greater ease and assurance,” said Kathleen Acosta, co-founder and Chief Operating Officer of JazzyPay. “Payments for medical services or school fees often involve large amounts of deposits, and payers need to be guaranteed that their online transactions are secure. With BPI’s online banking payment facility directly integrated into our secure platform, our partner merchants and their payers from the Philippines and from abroad can be assured that their transactions will be safely processed.”
“Where most digital wallets are focused on peer-to-peer payments, BPI’s partnership with JazzyPay enables business-to-customer digital payments which is an integral part of the digital landscape,” said Noel Santiago, BPI’s Chief Digital Officer. “The goal is to build on the ecosystem and serve every facet of small and big businesses online - contactless and secure.”
JazzyPay is a registered Operator of Payments System (OPS) regulated by the Bangko Sentral ng Pilipinas. The digital payment platform has also obtained the Payment Card Industry Data Security Standard (PCI DSS) Level 1 Certificate and has passed all rigorous testings performed by SISA Information Security. The company has recently raised a USD 500,000 seed round led by early-stage venture capital firm Cocoon Capital.