BUx: Businesses stand to benefit from adoption of digital payments

Businesses – especially the micro, small and medium enterprises (MSMEs) – stand to benefit from the adoption of digital payments, as technology enables them to streamline their financial transactions while providing them with greater security and convenience. 

Southeast Asia has seen a boom in cashless transactions within the last two years, as the pandemic forced almost everyone into the digital trend. The Philippines is no exception. More and more Filipino adults, according to the Bangko Sentral ng Pilipinas (BSP), now have access to transaction accounts, pushing digital payment transactions to 26.8 percent in terms of value and 20.1 percent in terms of volume. 

BUx records 33x surge in transaction volume in 2021, expects to continue growth path this year

BUx, the Philippines’ leading all-in-one payment solutions platform operated by the country’s leader in open finance UBX, recorded a 33x surge in transaction volume in 2021, processing billions of pesos in gross transaction value, hitting its profitability targets as planned. 

The unprecedented growth was driven by an expanded portfolio of e-merchant partners across a wide range of industries, including SMEs, enterprises, marketplaces, and marketplace aggregators.