UnionBank launches new online platform UPAY for MSMEs

UnionBank of the Philippines, Inc. announced that it has launched a payment acceptance hub called UPAY that will allow micro, small, and medium-sized enterprises (MSMEs) to collect payments online. 

“UPAY provides MSMEs with the capability to send payment requests and collect payments. The gateway also provides a checkout facility and accepts all modes of payment from fund transfer, over-the counter-payments, e-wallets, debit cards to credit cards, enabling them to complete the transaction at the point of sale,” said UnionBank.

Payments may be coursed through various payment channels including UB online and over-the-counter transactions with partners such as 7-Eleven stores and ECPay outlets. 

“This allows them to skip the hassle of having to give their bank details, total amount, and manually typing the description of the order and sending it to customers through a messaging app,” said UnionBank.

UnionBank President and Chief Executive Officer Edwin R. Bautista said earlier this year that their “moonshot” target was to bring financial services to over one million MSMEs. With the launch of this new platform, they are well on their way to reaching it.

UnionBank also has an MSME Business Banking App through which small businesses can manage their finances through services like digital account opening, bills paying, check deposit online, and payments to suppliers and the government.  

“MSMEs are the backbone of the Philippine economy and their success is crucial especially amid challenging instances like the current pandemic. We want to make sure that every MSME goes to us for their digital and financial needs because we believe that we always come prepared with the right solution and answer for them when they do,” said Manuel G. Santiago, Jr., UnionBank Executive Vice President and Chief Financial Inclusion Executive.

According to the Department of Trade and Industry (DTI), MSMEs accounted for 99% of the roughly one million business establishments in the Philippines in 2018. 

SOURCE: Business World