The Bank of the Philippine Islands (BPI) sealed a pioneering partnership with Alipay+, a suite of cross-border mobile payments and marketing solutions operated by Ant Group, to enable digital banking customers to shop global. This makes BPI the first bank partnering Alipay+ as a mobile payment provider to extend its payments service beyond local merchants.
What does the partnership mean for online merchants?
Through this collaboration, the Bank of the Philippine Islands (BPI) is available as a payment option at regional and global online merchants supported by Alipay+, while users of BPI can make payments in these merchants with their preferred and familiar payment method.
“The pandemic has accelerated the shift of payment behavior and preference of Filipinos from cash to digital. We aim to better engage the now digitally savvy customers, by continuously innovating and expanding our digital ecosystem of partners and merchants, for an enhanced digital experience that goes beyond banking,” said Noel Santiago, Chief Digital Officer at BPI.
“Amidst our consistent push to adopt new technologies, 91% of our transactions are now digital, up from 85% prior to the pandemic. Our digital customer base has also grown to 4.9 million in 2021 with a 20% increase in active users compared to the previous year.”
“With the use of BPI Online credentials, the deal with Alipay+ will bring a convenient and seamless payment experience to BPI clients and connect them to regional and global brands.”
What is the market reach of Alipay+?
With innovative tech, Alipay+ has seen strong adoptions since its launch in 2020 among online merchants across e-commerce, digital entertainment and O2O, including leading brands such as Agoda, Apple, Foodpanda, Google, and SHEIN. More than 1 million offline merchants in major European and Asian markets have also partnered with Alipay+ since.
Commenting on the deal Cheng Guoming, General Manager of Alipay+ Global Payment Partnership, Ant Group said, “Digital payment is not only about mobile wallets, but also includes banking apps and other digitalized payment methods. Alipay+ is working with digital payment providers like BPI to alleviate cross-border payments pain points for consumers.”
“BPI is one of the largest and most trusted banks in the Philippines with a loyal customer base. We are excited to partner with BPI to make regional and global brands more accessible to local consumers and to enhance their lifestyle,” Cheng Guoming further commented.