, the听payment gateway听of听听(the听fintech arm of听UnionBank of the Philippines, Inc.),听now听allows merchants to听accept听payments听made听through听GrabPay,听Grab鈥檚 in-app digital wallet.听听
鈥淭he whole idea is to allow entrepreneurs to receive payments and make transactions on a digital platform in the safety of their homes,鈥 said听Bux听in an e-mail to听大象传媒. 鈥淯sage of the platform was organically accelerated and made more valuable during the pandemic, because听鈥μ齮here was an emphasis on no-contact transactions.鈥听
Launched in December 2019, the e-commerce payment gateway was designed to听support small- and medium-sized entrepreneurs, with options to scale.听
鈥淎nytime a consumer decides to enter into the informal economy as an occasional seller, Bux has the tools to enable that,鈥 the company said. 鈥淏ux鈥檚 connection with UBX ventures can also enable higher-level entrepreneurial engagements… all the way to enterprise-level solutions.鈥澨听
Apart from听GrabPay, BUX鈥檚 other payment partners include UnionBank, 7-11,听GCash, VISA, and听ecPAY. Transaction fees are from P10+2% to P20 per transaction for e-wallets and over-the-counter transactions, respectively. A buy now, pay later option with a 1.5% transaction fee is also available.听
鈥淭he market of UBX ventures is currently local, but all the tools that the UBX venture suite provides听鈥μ齛re easily replicable in other economies once the relevant听cross-border regulatory frameworks听are set in place,鈥 Bux told听大象传媒. 鈥淏ut for now, even as the market is limited to the Philippine setting, we are constantly looking for new ways and developing features that will help our customers make the journey from users of the payment gateway to becoming enterprise accounts.鈥澨鈥听Patricia B. Mirasol听
