- Growth of 466% in transaction value 2018 v 2017
- Growth of 375% in transaction volume 2018 v 2017
- Over 100% growth in network locations across the Philippines 2018 v 2017
Fexco EasyDebit, one of the Philippines most innovative fintech solutions is today marking a significant period of growth having processed over 1billion pesos in transactions since its launch in 2017. The growth is further reflected in increases of cash withdrawal amounts (up 466% in 2018 v 2017) and transaction volume (up 375% in 2018 v 2017).
EasyDebit is a unique service that uses a mobile Point of Sale (or mPOS Pin Entry Device) and a mobile phone allowing customers in the Philippines to withdraw cash using their ATM card at any number of local accredited merchants including; payment and remittance centres, retailers, rural banks and cooperatives instead of having to travel to an ATM.
EasyDebit is a ‘plug and play’ solution requiring minimal installation for merchants who simply download the EasyDebit Mobile App. The solution has the capacity to reach over 100million people, many of whom are disconnected from the limited ATM infrastructure in the Philippines. Through merchant uptake and participation EasyDebit promotes financial inclusion by providing more secure access to cash withdrawal for the millions of unbanked Filipinos. Uptake of EasyDebit increased by 100% in 2018 (v2017) and the solution is now live with over 700 merchants across the country.
Speaking about the growth seen by EasyDebit this year, Ann Chan Foley, CEO at Fexco Philippines, Inc. commented, “2018 represents a significant year for the business. We have seen hugely positive growth trends across the county in terms of transaction volume, value and merchant growth demonstrating the robustness of the solution. We are excited to continue this growth in 2019 as we further expand the EasyDebit network helping to reach more unbanked and underserved Filipinos.”
For more information, contact:
Fexco Philippines Inc.
Jojo Robles, +639176517135, Jojo.Robles@fexcoasia.com
About Fexco
Recognised as one of the world’s original and most established fintech organisations, Fexco employs over 2,300 people across its suite of companies headquartered in Killorglin, Co. Kerry located in the South West of Ireland. Founded in 1981, Fexco now has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.
Fexco serves some of the world’s biggest brands across multiple industries, predominantly in the payments and FX sectors, through a wide range of innovative products and services including; Dynamic Currency Conversion (DCC), Multi Currency Pricing (MCP), Tax Free Shopping and Retail FX. Fexco also offers bespoke Managed Business Solutions and Outsourcing services as well as a full suite of payment management solutions through its Corporate Payments business.
Since inception, Fexco has been driven by an entrepreneurial and innovative spirit. This ethos has brought the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to partnership and innovation, the company has built an international network of customers. To find out more visit www.fexco.com
About EasyDebit
FEXCO has developed a microATM card solution for merchants which allows merchants to offer cardholders cash out and balance inquiries. The EasyDebit solution acts as an additional revenue stream for merchants who earn a fee from each transaction. The solution is safe and secure, accredited to the highest security standards – PCI DSS and EMV Level 1 & 2 compliant. To find out more visit www.easydebitasia.comR
Catherine Llanes
Media Relations Manager
T. +63 2-332-10-31 loc. 103
M. +63 917 582 0573M
