Five years since the launch of its e-wallet HelloMoney, Asia United Bank (AUB) is training its sights on further growing its market share in the country. As of end-September 2024, HelloMoney’s total customer base has grown to six million since AUB started offering the e-wallet in 2019, ahead of the COVID-19 pandemic.
AUB eyes bigger market share for HelloMoney e-wallet
“Beyond the numbers, we aim to build a reputation for our constant innovation, expanded global reach, and enhanced user experience, in line with our steadfast mission to make financial services truly accessible to every Filipino,” said AUB president Manuel A. Gomez.
Pushing the boundaries on innovation, AUB partnered with Alipay+, the cross-border mobile payment and digitalization solutions operated by Ant International, to become the first Philippine bank with an e-wallet that can be used for cross-border mobile payments in 2022. This enabled HelloMoney users to simply scan and pay via Alipay+ merchants in Japan, South Korea, Malaysia, Hong Kong SAR, and Singapore.
In July 2024, AUB became the first Philippine bank to integrate with the Philippine Statistics Authority’s (PSA) eVerify system to authenticate a person’s registration with the National ID System. This means AUB customers need only to show their face when opening an account on HelloMoney with eVerify’s advanced facial recognition technology for real-time matching of an individual’s face, among other registered information, with the National ID registry.
Aside from enabling users to open an account without going to a physical branch and perform bank-to-bank fund transfers, HelloMoney can also be used to buy prepaid load, remit money through PeraPadala, pay via QR code, settle bills, withdraw via ATM, and shop online using the HelloMoney’s very own virtual Mastercard. The e-wallet also enables members of state-owned pension fund Pag-IBIG Fund to manage their account and perform banking transactions through the Hello Pag-IBIG app.
To continue growing its e-wallet market share, AUB will embark on more innovations in the coming years:
- Offer microinsurance through trusted partners for wider financial inclusion
- Enable digital savings through smart savings solutions, goal-based saving features, and automated savings options
- Further expand its global reach via Alipay+, enhance its connectivity with existing Japan and Korea corridors, forge more Southeast Asian country partnerships, and offer more competitive cross-border rates
- Further widen its acceptance network
- Introduce more enhancements in user experience
- Further simplify features such as easier transaction flows, smart transaction categorization, and one-tap frequent actions.
AUB unveiled these growth plans and strategic direction during a media event held November 26 at the Parañaque Integrated Terminal Exchange (PITX), which was followed by a thanksgiving party for its valued partners.
“We aim to make mobile banking easier and help more merchants grow their business globally by bringing HelloMoney closer to more users,” said Mr. Gomez. “As we celebrate more milestones, we remain committed to making financial services more accessible, secure, and simple for every Filipino so that managing money becomes as easy as saying ‘hello’."
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