MANILA – A local electronic payments startup on Monday said it welcomed the Bangko Sentral ng Pilipinas’ move to set up a unit to oversee financial technology development and regulate institutions offering electronic financial services.
Dragonpay said the BSP’s financial technology subsector would help entice more Filipinos, especially those who lack credit or debit cards, to try electronic payment solutions.
“The more people are aware of it, the more people know what an e-wallet is, it will just drive adoption and overall and the market will become more and more prepared for e-commerce” said Robertson Chiang, founder and CEO of Dragonpay Corp.
Dragonpay isn’t worried about the rise of new firms and even the BSP’s automated clearing house services PESONet and InstaPay, which are indirect competitors, Chiang said.
New fintech and payments firms will help make the market grow, he said.
“It’s about making the pie bigger as opposed to making our slice of the pie bigger,” Chiang told ANC’s Market Edge.
Most e-commerce transactions are still done via cash-on-delivery, which leaves a lot of room for growth for e-payments service providers, he said.
Dragonpay’s list of establishments that avail of its service has grown, and now include Philippine Airlines, AirAsia, Grab, OLX, National Bookstore, Fully Booked, he said.