BPI launches e-wallet, rewards app

TO MAKE banking more rewarding, Ayala’s financial arm Bank of the Philippine Islands (BPI) recently launched its one-stop lifestyle app named Vybe.

Initially catering to BPI online users, Vybe has an e-wallet that allows clients to simply scan and pay via the QR code of any shop with a QR PH standee for secure and cashless payment transaction codes. It also allows clients to send and request money from other Vybe app users for free as well as move money to and from their BPI accounts for free using the app.

Clients can also earn reward points for using BPI’s products and services, and these may be viewed and redeemed via the Vybe app. Points earned can be redeemed from an array of brands.

Vybe is also an app for cross-selling other products and services like micro-insurance, micro-loans, micro-investments, buy-now-pay-later, savings, marketplace, and more.

“We want to give our clients a faster and more secure way to pay. As a welcome gift, they instantly earn 1,000 points in their Vybe app upon sign up,” said Frederick Faustino, BPI vice president and head of digital partnerships and ecosystems, during the hybrid #BPITeckTalks event on Wednesday, Oct. 26, 2022.

Faustino said they expect at least half of BPI’s online base of 5.6 million users to initially become part of the Vybe ecosystem this year and cater to micropayments ranging from P200 to P500. Early next year, Faustino said they will open the Vybe app to non-BPI depositors.

Vybe is the sixth out of the seven digital platforms released by BPI in line with its thrust on digital transformation.

The Vybe app is available in Google Play Store or Apple App Store.

Ryan Balce, partner management department head at BPI, said online banking has since been growing even after the height of the pandemic and the bank aims to further expand its digital ecosystem via open banking and other digital platforms.

Year-to-date, BPI already logged 1.9 million open banking active users and 69 million transactions processed as of August this year with expectations to grow further, ending the year with 100 million transactions.

“We’ve seen a 64 percent increase in transaction volume and a 36 percent increase in active users this year compared to the same period last year,” said Balce.