MANILA – An official of the Bank of the Philippine Island (BPI) forecasts 2.8 million downloads on its latest lifestyle and payment app, Vybe, until the end of the year.
In a virtual briefing on Wednesday, BPI Digital Partnerships and Ecosystems head Frederick Faustino said downloading of the app is currently available exclusively for BPI online users.
“We expect at least half of our 5.6 million app users to download the app because there are several value propositions that we see in the app. Apart from having the payment wallet for our BPI clients, it also houses our reward program,” Faustino said.
He said that for one, BPI clients who have credit cards issued by the bank can check for their rewards through the Vybe app.
For next year, Faustino is optimistic that even non-BPI depositors will download the app, which gives users rewards every time he uses the app for payments.
He said an individual can download the app as long as he has a mobile phone number and will use his name for proper verification.
Faustino said the latest app is intended for micropayments, with amounts ranging from PHP200 to PHP500 per transaction.
Maximum amount that can be stored in the mobile wallet is PHP30,000.
“The thinking is that if you’ll just want to use or keep it as a wallet, you will not put as much money. Most likely you will put your money in your BPI deposit account,” he added. (PNA)