Connect with us

Hi, what are you looking for?

News

AUB, Alipay+ plan e-wallet for cross-border payments

FREEPIK

ASIA United Bank Corp. (AUB) has partnered with Alipay+ to enable the bank’s e-wallet, HelloMoney, for cross-border transactions and to provide an efficient payment experience for users whenever they go out of the country.

In a statement on Wednesday, AUB said the move makes it the first Philippine lender with an e-wallet that can be used overseas. HelloMoney will be made acceptable first in South Korea and Japan through the partnership. It will allow users to pay merchants that accept Alipay+.

AUB Executive Vice-President and IT & Operations Group Head Wilfredo Rodriguez, Jr. said that through the years, the bank has been building a “digital arsenal” of “pioneering initiatives and innovations.”

He said the bank’s end-to-end digital account opening enables clients to make banking easy through their mobile phones while allowing merchants to sustain their businesses as seen during the pandemic’s restricted mobility.

“With Alipay+’s global presence through its integration with local merchants worldwide, our HelloMoney users will have a wider reach in payment acceptance while ensuring a safe and secure digital transaction,” Mr. Rodriguez said.

About a million HelloMoney users would also be able to take advantage of more competitive exchange rates compared with prevailing market rates, the lender said.

As of October 2022, HelloMoney booked double-digit growth in transactions, rising by 45% to 19 million from last year. The value of transactions reached P63 billion or 49% higher than in 2021.

“AUB has been a long-term partner to Ant Group, and we are excited to extend the partnership further to enable its e-wallet’s cross-border operations through Alipay+,” Alipay+ Global Partnerships, Ant Group General Manager Jia Hang said.

Introduced by Ant Group, Alipay+ was designed to enable businesses to process a wide range of payment transactions and better serve regional and global clients.

“Despite it being a relatively young e-wallet, HelloMoney has garnered strong growth and adoption momentum among users. Through this partnership, users of HelloMoney can rely on the e-wallet when they travel overseas, too, without the hassle of carrying cash or change currencies,” Mr. Hang said.

AUB launched HelloMoney to let users digitally perform bank-to-bank fund transfers, buy prepaid load, remit money through PeraPadala, and transact using HelloMoney’s own virtual Mastercard.

The launch was followed by the release of Hello Pag-IBIG, the companion mobile app to the Pag-IBIG Loyalty Card Plus. In 2021, AUB introduced the HelloMoney Mastercard for online shopping.

AUB and its subsidiaries booked a net income of P1.7 billion in the third quarter, 70% higher than the P998.3 million booked in the same period in 2021, amid higher earnings from its core businesses.

This brought the group’s nine-month net profit to P4.6 billion, up 57% from the P2.9 billion a year prior, which it noted already surpassed its pre-pandemic performance.

The bank’s shares declined by 1.23% or 55 centavos to close at P40 apiece on Tuesday. — Keisha B. Ta-asan

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Ava Whetstone-Magee, the founder of Avalanche Equestrian talks about the lightbulb moment which led her to start her business at the age...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Will Polston, talks to Business Matters about how helping ambitious owners to maximise their potential has resulted in him becoming a finalist...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.