CEBU, Philippines — For an investment of P45,000 one can already open a mini-bayad center and money transfer business with the introduction of a device called “Posible”.
A Filipino-developed fintech platform, the ActionAble company, intensifies its market introduction of Posible devices in Cebu, allowing the micro and small businesses like neighborhood sari-sari stores, loading stalls, small bakeshops, among others to accept bills payment, money transfer, online payment requirements, and others.
“Our vision with ‘Posible’ is to bring innovation to communities of business owners that will help boost their business with the efficiencies brought by fintech. We see this as a great opportunity to help entrepreneurs from neighborhood community ‘kanto-preneurs’ retailers and kiosk operators,” said the company’s chief executive officer (CEO) JG Puzon.
The company aims to deploy more Posible devices in Cebu and the rest of the Visayas and Mindanao markets to bring fintech services to the mainstream market.
Since its market introduction some three years ago, Posible partnered 170 billers including the Visayan Electric Company (VECO), and other utility providers around the country, including government transactions like NBI, Pag-IBIG, passport applications, bank deposits and withdrawals, and many others.
In Cebu, the company there already about 50 ‘Posible’ agents, these are the small businesses that accept digital payments through the device.
A ‘Posible’ agent earns from every transaction, and pay a monthly service fee to ActionAble company for P150. Average income a month is estimated at P4,000 to P5,000 (net profit).
Puzon said the company aims at deploying at least 100 units in the next three months in Cebu. This means, that paying utility bills, depositing or withdrawing money can be done in neighborhood sari-sari stores or loading kiosks.
To date, over 3,000 Ka-Posible retailers have signed up nationwide. The device can also transact payments for online shopping sites. It processes over P5 billion worth of transactions in the last three years.
Posible is a fintech and digital services provider based in Makati City that offers bills payment, money services and mobile loading, and other similar services. (FREEMAN)