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BPI launches e-wallet app

AYALA-LED Bank of the Philippine Islands (BPI) has launched its e-wallet application VYBE as part of its digital expansion efforts.

“This app is our sixth installment in our digital platform. We envision VYBE as a one-stop lifestyle and payment app. As an e-wallet, it enables our clients to do secure, cashless and quick day-to-day payments,” BPI Digital Partnerships and Ecosystems Head Frederick M. Faustino said at a virtual briefing on Wednesday.

The e-wallet platform offers features and services such as free cashouts, QR code payments, and a rewards program, among others.

“The unique thing about the VYBE app is that it houses the bank’s rewards programs. It’s a unique proposition because it allows our clients to have points and rewarding interactions with BPI,” he said.

Mr. Faustino said that they are targeting users from the bank’s existing BPI Online database.

“We have around 5.6 million users and we want them to be part of the VYBE ecosystem as well. In terms of the amount, what we’re seeing is that since this is our lifestyle and payment app, we are looking at micropayments ranging from P200 to 500, the usual ticket size that we want our clients to use with this app,” he said.

“Our VYBE app is meant to be flexible to do anything. We are excited to see its potential to expand the BPI client base and become a leading form of payment,” he added.

The app will also be available for non-BPI users in early 2023, Mr. Faustino said.

Other upcoming services include a micro-insurance and high-yield savings platform.

“The VYBE wallet will soon allow you to receive or send money from other banks so it’s part of the bigger ecosystem in the Philippine InstaPay network,” he added.

BPI posted a net income of P10.1 billion in the third quarter amid higher revenues. This brought the bank’s bottom line for the first nine months to P30.5 billion.

The bank’s shares closed at P93.25 apiece on Wednesday, down by 10 centavos or 0.11% from the previous session. — Luisa Maria Jacinta C. Jocson

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