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Bank of the Philippines Islands teams up with Gemalto to combine Banking and Transport into one prepaid card
Metropolitan Manila is the most populous region of the Philippines where over 12 million1 Filipinos reside and work. Among them, 2 million people commute daily by trains. beepTM was introduced in July 2015 to facilitate transit payment and quicker entrance at train stations' gantries. It also eliminates the need to repeatedly queue and purchase tickets for commuters. With only 31 percent4 of all Filipino adults holding a bank account, integrating beepTM with banking lets financial institutions tap into a readily available and vast unbanked market.
"At BPI, we want to be able to address the changing needs of our clients. By fusing banking and transport together, shoppers can enjoy cashless payments for their purchases at Ayala Malls, plus the benefits of beepTM, which will soon be extended to other bus services," said Simon Paterno, Head of Financial Products and Services at BPI. "Gemalto's timely delivery and expertise ensured that this project can be rolled out smoothly and on schedule."
"In the banking space, Gemalto has delivered more than one billion EMV payment cards globally - from card manufacturing, fulfilment, to back-end infrastructure support and maintenance", said Michael Au, President, South Asia & Japan at Gemalto. "As for transportation, our smart cards are already being utilized by mass transit systems in 30 cities, each with a population in excess of one million."
1 Source: http://www.beeptopay.com/
2 Source: Philippine Statistic Authority
3 Source: The Manila Times
4 Source: The Philippine Star
5 Source: BPI
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