In a bold move towards revolutionizing digital banking in the Philippines, UnionDigital Bank, the digital arm of UnionBank of the Philippines, recently unveiled its upcoming payments platform, Ubeh Pay, at the prestigious Cashless Expo PH 2023. The platform promises to redefine the landscape of cashless transactions in the country, offering a suite of features designed for simplicity, convenience, and security.
Ubeh Pay is set to offer a wide array of payment solutions, including bill payments, QR-led payments, and cutting-edge contactless transactions facilitated by tapping technology. The platform aims to address the unique needs of diverse consumer segments, ensuring a seamless touchpoint for various types of payment transactions.
One of the standout features of Ubeh Pay is the introduction of a combo card. This card combines the convenience of a virtual debit card with the flexibility of a credit line, providing users with a versatile tool for cashless transactions. This innovation is poised to make Ubeh Pay an indispensable financial companion for Filipinos.
Scheduled for release in 2024, Ubeh Pay reflects UnionDigital Bank's commitment to making digital banking accessible to every Filipino. Henry Aguda, the CEO and President of UnionDigital Bank, emphasizes that Ubeh Pay marks the beginning of their efforts to ensure comprehensive financial inclusion across the nation.
Henry Aguda reaffirms the bank's dedication to financial inclusion, stating, "With a portfolio of exciting projects in development, we are dedicated to our mission to play a pivotal role in realizing comprehensive financial inclusion across the nation." The bank aims to simplify the process of digital transactions and make banking services accessible to all.
The unveiling of Ubeh Pay took place at the Cashless Expo PH 2023, organized by the Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI). The event aims to promote cashless transactions in the country, aligning with BSP's vision of digitization and digital financial inclusion as urgent priorities.
UnionDigital Bank extends its commitment to financial inclusion beyond domestic borders by actively working to make banking accessible to Overseas Filipino Workers (OFWs). Collaborative efforts with OFW associations aim to formulate competitive solutions to reduce the considerable costs associated with remittances, showcasing the bank's global vision.
As UnionDigital Bank prepares to launch Ubeh Pay in 2024, it marks a significant milestone in the evolution of digital banking in the Philippines. With a focus on simplicity, convenience, and inclusivity, Ubeh Pay has the potential to reshape how Filipinos engage in financial transactions, bringing the benefits of digital banking to a broader audience. UnionDigital Bank's strategic approach, as showcased at the Cashless Expo PH 2023, demonstrates a commitment to advancing cashless platforms both domestically and internationally, reinforcing its position as a leader in the digital banking arena.