E-payments service provider TrueMoney PHL on track to open 20,000 centers by Q4

Electronic payments service provider TrueMoney Philippines is on track to have over 20,000 receiving centers by this quarter, in line with the company's expansion plans.

In an email interview, TrueMoney CEO Jacqueline Van Den Ende said the company is set to hit its target number for 2018 as early as this month. The company had some 17,000 centers in July.

"We are now the biggest active store network in the Philippines under one single brand and we have covered 79 out of 81 provinces in the Philippines," she said.

TrueMoney started in Thailand in 2003, and has since expanded to markets such as Cambodia, Indonesia, Myanmar, and Vietnam, among others. It also counts as shareholders the C.P. Group, and Jack Ma's Ant Financial.

"Our growth targets are always through the roof. This year, for example, we hope to build up our base between five to 10 million unique customers, up from just two million at the end of last year," Van Den Ende said.

"Our growth is quite significant as a new player in the market vs. others," she added.

Looking ahead, Van Den Ende said the company is now looking at rolling out additional payment and financial products within the coming months.

"We’ve piloted several new products around things like micro-insurance and lending in recent months and our aim is to launch them nationally in the next few months," she said. — Jon Viktor D. Cabuenas/BM, GMA News