BDO expands its financial inclusion initiatives
19 July 2022
Sy-led BDO Unibank Inc. is stepping up its efforts to support the Bangko Sentral ng Pilipinas (BSP) in achieving its goals for financial inclusion and shifting the nation away from a cash-heavy economy.
To support the central bank’s roadmap for the digital payments transformation, the largest bank in the nation has made its BDO Pay mobile app available to customers who do not bank with them.
By 2023, the BSP wants to see 50% of all retail transactions conducted through digital channels and 70% of Filipino people with bank accounts. The percentage of banked Filipino adults has risen to 53% from 29%, and the proportion of electronic payments in all retail transactions climbed to 30.3% in 2021 from 20.1% in 2020.
Through BDO Pay, BDO now offers customers the convenience of performing banking transactions and managing their finances online without the need to switch between various apps in order to transfer money from one account to another or make payments for online purchases.
With BDO Pay, everyday payments are flexible and simple because it is connected to a BDO client’s checking or savings account, debit card, and credit card.
The BDO pay account is the best financial inclusion to beginner bank account, especially for individuals living in rural and remote places, as it doesn’t demand an opening deposit or a maintenance balance.
Users of the BDO Pay mobile app can send money to BDO and non-BDO accounts as well as take use of other features including money requests, split bills, bill payments, and QR payments. To encourage the use of e-wallets in the nation, more features will be introduced.
The creation of the BDO Pay mobile app is a component of BDO’s strategic initiative to introduce consumers to the bank’s extensive offerings of products and services while also providing a straightforward and dependable customer experience.
The largest lender in the nation has been improving its infrastructure and technology to be more adaptable and responsive to the needs of the customers.
With more than 1,500 consolidated operating branches and more than 4,400 ATMs across the nation, BDO has the largest distribution network in the nation. Additionally, it has 16 overseas locations, including full-service branches in Singapore and Hong Kong, as well as locations around Asia, Europe, North America, and the Middle East.
