MANILA, Philippines – The use of digital currencies as payment for commuting in the Philippines has taken a step forward.
AF Payments Incorporated, the developer of contactless tap-and-go cards dubbed Beep, announced its partnership with Coins.ph on Monday, March 19.
Commuters will now be able to reload Beep cards in seconds – with as little as P10 – using funds from Coins.ph digital wallets on Android smartphones.
Coins.ph digital wallets can be funded in over 33,000 locations nationwide.
Peter Maher, president and chief executive officer of AF Payments, said the partnership is directly driving the adoption of cashless payments in the Philippines.
"Coins.ph provides Beep cardholders the ability to load their cards anytime, anywhere just by tapping their card on their smartphone. This added convenience means no more falling in line to add load during the busy rush hour," Maher said in a briefing in Makati City on Monday.
To date, there are more than 4 million Beep cardholders in the country.
Ron Hose, chief executive officer of Coins.ph, said this is in line with the goal of the Bangko Sentral ng Pilipinas (BSP) to forge an advanced digital economy by 2020.
"Each day, nearly two million Filipinos are forced to wait in long lines to top up their Beep cards with cash," Hose said.
Coins.ph is licensed by the BSP as an electronic money issuer as well as remittance and transfer company.
Having already reached 4 million customers, Coins.ph allows unbanked and underbanked customers to store value in their digital wallets, send money, pay their bills, buy load, and make payments across the Philippines directly from their phones.
Beep cards are accepted in all of Metro Manila's 3 elevated railways – the Light Rail Transit Line 1 (LRT1), the LRT2, and the Metro Rail Transit Line 3 (MRT3).
Select bus lines, the Manila-Cavite Expressway, the North Luzon Expressway, select FamilyMart stores, Robinsons Movieworld, and select Wendy's branches are also accepting Beep cards.
The cards are also reloadable at FamilyMart outlets and select branches of Bayad Center, SM Bills Payment, Villarica, and Tambunting. They are valid for 4 years. – Rappler.com