BPI set to launch mobile wallet platform

MANILA, Philippines - The Bank of Philippine Islands (BPI) is set to launch early this week its mobile wallet platform, a first-of-its-kind product in mobile banking.

BPI 24/7, the bank’s electronic banking platform, will launch the BPI Mobile Wallet as it takes advantage of the widespread use of smartphones in the country.

BPI Mobile Wallet will use a device allowing near field communication (NFC) in certain mobile phones.

To provide utmost convenience to its clients, BPI Mobile Wallet will enable users to do over-the-counter purchases without the need for cash, credit cards or debit cards.

BPI 24/7 handles and manages BPI’s electronic channels such as BPI Express Online, Express Phone and Express Mobile.

Specifically, BPI 24/7 banking channels offer the most number of transactions – from informational, transactional to auxiliary. One of the most popular financial transactions under BPI 24/7 is bills payment, where the bank has more than 300 merchant partners.

Noel Tagaza, BPI senior vice president and head of electronic banking channels group, earlier said about 25 percent of BPI clients or more than 1.5 million are using electronic channels such as phone, Internet and mobile banking.