Meet BUx, UBX’s all-in-one payment solutions platform

While it was bound to happen eventually, due to the convenience and security it brings, the COVID-19 pandemic accelerated adoption of digital payment solutions by micro, small, and medium enterprises (MSMEs). Southeast Asia has seen a boom in cashless transactions within the last two years, as the pandemic forced almost everyone into the digital trend. The Philippines is no exception. More and more Filipino adults, according to the Bangko Sentral ng Pilipinas (BSP), now have access to transaction accounts, pushing digital payment transactions to 26.8 percent in terms of value and 20.1 percent in terms of volume.

UBX, a leading open finance platform in the Philippines, operates BUx, an all-in-one payment solutions platform.

BUx is an end-to-end payment solutions platform. Here are some of its features:

• It allows merchants of all sizes to accept all forms of payment.
• It unifies everything into one solution: card payments, installments, buy now pay later, fund transfers, over-the-counter payments, and e-wallets.
• Customers can pay through mobile or desktop. You can integrate BUx to your e-commerce website or direct them to your brand’s unique checkout page via payment links or QR codes.
• Businesses can also track paid and pending payments, download payment summaries, and receive real-time notifications of funds credited through their own BUx dashboard.

BUx has the most extensive payments network in the Philippines with over 50,000 access points and 30 payment partner channels, covering 99 percent of the payment channels requirement by merchants.

UBX Managing Director for Commerce and Payment Jaime P. Garchitorena says that by adopting digital payments, MSMEs most especially do not need to rely on traditional cash management practices. A payment solutions platform like BUx allows them to streamline their financial needs and lets them focus more of their time on growing their businesses.

Under the BSP’s Digital Payments Transformation Roadmap of 2020-2023, the government wants to migrate 50% of the total volume of retail payments to digital channels by next year. The central bank wants to transform the Philippines into a cash-lite economy, especially since the pandemic ushered the country into a new normal.

Garchitorena said that UBX and BUx, being a government partner, continues to support the BSP in its shared goal to include everyone in the financial system through open finance.

To learn more about UBX, please visit www.ubx.ph.