VMoney aims to create a single electronic payment platform for all transactions in the Philippines
Though providing simplicity and immediacy, the use of cash for frequent transactions can be risky, costly, and inefficient for consumers and businesses. Presently, 90 per cent of transactions in the Philippines are still cash-based. The inherent risk that cash carries and the Philippines’ cash-dependent mentality have become the driving forces behind VMoney’s E-Peso.
VMoney has launched E-Peso with an aim to create a single electronic payment platform for all transactions in the Philippines. “Our E-Peso solution aims to address the problems associated with a cash-heavy society and shift the Philippines’ financial infrastructure to a sustainable one,” said Ralph Santos, CEO of VMoney.
This offers a financial solution for consumers and businesses to transact securely by allowing users to access a digital equivalent of the Philippine Peso. It is structured to support cashless products, mobile money, e-payment, e-payroll, and ATMs.
VMoney has built an ecosystem around the currency by providing mobile solutions, a paperless Point of Sale (POS) system, and e-commerce features.
Upon signing up, users are given E-Peso accounts, which can be accessed through an online dashboard or on a mobile application. An E-Peso card is then linked to the user’s online account, and can be used within the network of affiliated merchants and retailers for payments and purchases. E-Peso scratch cards can also be used for purchase, providing Filipinos the option to load denominated amounts of money to their E-Peso account.
As there are Filipino users without data plans, VMoney also provides the following offline solutions:
- SMS-Pay: This feature allows users to send and receive E-Peso through SMS. They will be required to send a pin upon transaction and an SMS will be sent once the transaction is complete.
- TAP+PAY: By using near field communication (NFC), these devices will be able to grant the owner direct access to their E-Peso account and enable cashless payment at any establishment as long as there is a provided E-Peso NFC-enabled reader. The owner will then be required to enter their PIN for security.
- TAP+LOAD: It’s similar to TAP+PAY, but funds are transferred and stored in the device for quick tap and go payments, perfect for micro-transactions.
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