Ranjit Basi, senior manager for debit and prepaid cards, banking division of BPI, said the BPI My ePrepaid MasterCard is becoming popular among young professionals who don't have credit cards yet, but have disposable income. They are typically aged 21-24 and are in their first jobs.
"My ePrepaid is basically a card where you can load with cash and use it to purchase. You can use it on online stores and even when you travel abroad. It has become very popular among young professionals who don't own credit cards yet but they want to buy online for the piso fares, seat sales," she said in an interview.
The card is also popular among people who have smartphones and tablets, and want to keep within a certain budget when buying games and apps online.
"If a parent wants to give a child an app budget of P100 or P200, they can use (the prepaid card) to buy their apps," Basi said.
My ePrepaid MasterCard was launched in 2012, and has seen significant growth in its card base.
"In the past two years, the card base has grown three times in size and in terms of volume, we are processing over twice the number of volume that we use to purchase. It's driven by the airline industry and gadgets industry like iTunes and Google Play," Basi said.
Basi noted the rise in the popularity of online shopping among Filipinos has also fueled the growth of the prepaid card.
"There is a significant increase in shopping, specifically for merchants like Lazada, Zalora, and group buying sites... Filipinos are getting used to buying online, whether it be shoes, clothes," she said.
BPI was awarded by The Asian Banker for the Best Payments Product in Asia for the BPI My ePrepaid MasterCard.
More prepaid products
Since My ePrepaid MasterCard is targeted at young professionals, BPI has been actively promoting it on social media.
One can even apply for the card directly on the Facebook page (My ePrepaid), the websites of BPIexpressonline and BPIcards, as well as merchant partners like Lazada, Ensogo and Zalora. There is a processing fee of P500 and the card can be picked up from the BPI branch 3-5 days after application.
The card, which is valid for two years, can be reloaded with cash through BPI's 24/7 channels such as Express Deposit Machines, as well as online, BPI's mobile app, phone banking, as well as SM payments centers. As much as P100,000 can be loaded in the card every month.
Basi said the card can be used in any store here and abroad that accepts MasterCard. However, the card does not have a withdrawal function.
BPI is expected to come out with several prepaid card products in the future.
"We're seeing the need for it increasing significantly. There are people who are more inclined to use credit and more people inclined to use their debit cards. But for those who can't use credit or debit card, there's a space for prepaid," Basi said.
source: www.abs-cbnnews.com
