Filtered By: Money

Digital entrepreneur banks on MSMEs to serve as payment centers nationwide

Digital social entrepreneur POSIBLE.NET is tapping micro, small, and medium enterprises (MSMEs) to expand its payments services nationwide.

Officially launched in Makati City on Wednesday, POSIBLE.NET is a digital transactions platform that gives MSMEs the opportunity to serve as payment centers for more than 100 brands.

“Our goal is to bring the innovations to the broader base of Filipinos, a type of inclusion wherein every Filipino enjoys the convenience and benefits of emerging technology," said JG Puzon, POSIBLE.NET president and CEO.

The payment transactions include utility bills, government fees, money services, micro-insurance, mobile loading, online gaming credits, and ticketing.

“Ang pinakamabenta, in terms of transactions, to date is prepaid load. But, in terms of amount, bills payment kasi medyo malaki yung transaction,” Puzon noted.

Since it started operating in 2016, the company has partnered with 1,500 retailers and generated P1.5 billion worth of transactions.

“We are working to make the technology readily available to all barangays and community stores so that they would be able to do digital transactions and spur economic growth,” Puzon said.

“Our objective is to penetrate more areas, especially those where banks and payment centers are minimal or nonexistent,” he said.

Prospective retailers will have to acquire a point-of-sales device for P35,000 including merchandise materials, and pay a monthly maintenance fee of P125.

“Our end goal is to be present in all barangays. So, you’re talking of 42,000 nationwide,” Puzon said. —VDS, GMA News