By Inna Lagazon
TrueMoney is the largest and fastest growingmobile payment and financial service provider is Southeast Asia. years. It was established in 2003 as part of the True Corp and CP Group. In the last 2 years, they expanded to other emerging markets in Southeast Asia. They now have presence in multiple markets such as Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines, with more markets being opened soon.
Xavier Manzan, Country Managing Director and CEO for TrueMoneyPhilippines said, “Our Mission is really to provide access to affordable financial services, to particularly the unbanked and underserved populations today.”
In the Philippines, 70% of adults are considered “unbanked,” according to Manzan while citing data from the BSP. He elaborated, one of the reasons is that approximately 40% of municipalities in the country do not even have any banking presence whatsoever. Even in “banked” areas today, you still see bank branches congregated in one specific area. Additionally, only 3% of Filipinos have credit cards, less than 20% have gotten loans from a formal banking institution, and less than 5% each have insurance and investments.
“So there are lots of pockets of opportunity to provide payments centers and financial services.” Manzan added.
Studies show that when it comes to financial services, majority are not loyal to their brands today –they will go to a provider that offers them more savings, more convenience and better service for their payment and financial service transactions. TrueMoney promises to be the brand that will offer them a cheaper option, convenient location and great customer service.
TrueMoney aims to provide innovative and accessible financial services to the ‘unbanked’ with already more than 5,000 retailers in different barangays across the country,through sari-sari stores with a Point-of-Sales machine (PoS).
TrueMoney has one of the lowest sending rates in the country for cash-to-cash money transfer services. Average rates for remittances today range from 3% to more than 10% for some providers. TrueMoney’s rates are only at 2%.
TrueMoney also offers a host of payment services such as bills payment, ecommerce payments, loading, and purchasing of gaming credits.
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