Filipinos are now utilizing digital payments more than ever. Last month, the Banko Sentral ng Pilipinas reported that digital payments made up 20.1 percent of all transactions in 2020, more than double the figure from two years ago of 10 percent. This strong momentum is creating opportunities particularly for enterprising Filipinos who engage in e-commerce.
To help micro, small, and medium enterprises (MSMEs) in the country capitalize on this growing trend, Union Bank of the Philippines (UnionBank), the region’s digital trailblazer and the country’s foremost bank for MSMEs, has launched a groundbreaking feature that will make e-payments easier and secure not only for customers but also for MSMEs—the new UPAY for MSME.