The country’s digital payment industry remains vibrant with government and private stakeholders focused on accelerating its growth and attaining the goal of becoming a cash-lite society as set by the Bangko Sentral ng Pilipinas (BSP).
According to its latest data, digital payments account for 30.3% of total retail transactions in 2021 from 20.1% in 2020. BSP’s goal is to convert at least 50% of retail transactions to digital form by the end of 2023, under the BSP Digital Payments Transformation Roadmap.
Dragonpay, one of the pioneers of alternative payments in the Philippines, has been contributing to this goal as it remains a provider of the broadest range of secure payment solutions to businesses of all sizes.
From its humble beginnings 12 years ago, Dragonpay remains bullish on its expansion and taking digital payments to the next level. Despite headwinds brought about by the pandemic, the company’s transaction volume in the past 12 months doubled compared to the same period the year before. By the end of August this year, Dragonpay had processed over 140 million transactions.
Furthermore, its manpower also grew by 200% during the pandemic alone, while its payment channel partners are now more than 50,000 including the country’s major banks with online banking, payment centers, retail establishments, and leading e-wallets. With this, Dragonpay has empowered thousands of customers to avail of goods and services and conveniently pay for them through physical and digital channels – from physical, brick-and-mortar payment counters and ATM’s to mobile wallets and online bank debit. It also has over 3,000 partner merchants from different industries including government, schools, retail, groceries, real estate, gaming, tech, food, insurance and more.
Keeping pace with fintech innovations and the booming e-commerce industry, Dragonpay enables its merchants to accept popular cryptocurrencies such as Bitcoin, Ethereum, USD Tether, BinancePay, and many others. Dragonpay is also providing Buy Now Pay Later services by forging alliances with Billease, Cashalo, and Tendopay.
“We see a continued acceleration of digital payment adoption and we are committed to supporting businesses, especially, small and medium enterprises in keeping up with the latest industry trends and consumer demand. Our customers’ growth is our growth and we all play a part in driving the momentum of fintech in the country.” says Robertson Chiang, founder, and chief executive officer of Dragonpay.
Propelled by a progressive and forward-thinking mindset, Dragonpay is well-positioned to provide businesses and consumers with more innovative ways to pay. Seeing its potential, Xendit, a regional services company backed by preeminent investors from Silicon Valley and Asia, has made a strategic investment in Dragonpay in 2021. These two fintech innovators share a common vision of creating a stronger digital payment infrastructure for the Philippines.
“We are excited to see the fintech sector grow and mature. On our end, we are bent on deepening our foothold in the industry as we see massive opportunities in fueling a digital economy that will be beneficial to business, consumers, and the country as a whole,” Chiang concluded.