Manila: Acceptance of more Filipinos, especially the younger generation, of the use of digital payments makes an official of the Bank of the Philippine Islands (BPI) optimistic for a sustained rise in its mobile payment application users to about 5 million by 2026. To date, the number of users of BPI’s digital wallet, VYBE, has reached about 2.3 million.

According to Philippines News Agency, Eric Faustino, head of Digital Partnerships and Ecosystems of BPI, said they target to end 2025 with 2.5 million users and to double this by next year. He noted that BPI has gained a considerable number of new banks over the years, which aligns with the bank’s vision for financial inclusion.

BPI has teamed up with self-service kiosk operator, Pay and Go, to allow VYBE app users to cash in for free at more than 3,400 kiosks nationwide. Faustino emphasized the importance of digital banking in serving not only the tech-savvy but also those who are often overlooked, aiming to create a more inclusive financial landscape.

Dan Ibarra, chief executive officer of BTI Payments Philippines, the provider of Pay and Go machines, mentioned that most of their machines are in the National Capital Region and Luzon, with 12 percent in Mindanao and 8 percent in the Visayas. Ibarra stated their goal to have about 4,500 units nationwide by next year, focusing on expanding in the Visayas and Mindanao through their partnership with BPI.

Ibarra highlighted their intention to reach out to the broader market, particularly segments with limited financial access, underscoring the significance of the partnership in achieving this goal.