SECURITY Bank Corp. is targeting the second half of next year to make Apple Pay and Google Pay available to its customers as the bank upgrades its core credit card system.
“We’re changing our system. Our core, our core credit card system,” Security Bank President and CEO Victor Lee said.
Lee said Apple Pay and Google Pay are expected to become available by the second half of next year, although the bank needs to complete changes to its underlying card infrastructure before introducing the services.
The planned integration is particularly relevant to Security Bank’s wealth business, with Lee saying about 80 percent of the bank’s wealth customers use Apple devices.
“About 80 percent of our wealth customers are Apple users,” he added.
Lee said the bank needs to remain relevant to customers as the way people make payments continues to evolve.
Currently, only four banks offer Apple Pay in the Philippines: China Banking Corp. (Chinabank), GoTyme Bank, Metropolitan Bank & Trust Co., and Union Bank of the Philippines.
Meanwhile, Google Wallet supports credit and debit cards issued by ten Philippine banks and financial institutions: Bank of the Philippine Islands (BPI), Chinabank, EastWest Bank, GCash, GoTyme Bank, Maya Bank, RCBC, Union Bank, Wise Pilipinas, and Zed Financial PH.
Lee said banks could have an opportunity to regain a larger share of the payments business as QR payments become more widely used, and bank-based payment systems become increasingly convenient.
He mentioned developments in other markets, including Thailand and Cambodia, where the introduction of QR payments has helped banks strengthen their role in payments.
Lee said the availability of QR payments and bank-to-bank transfers could make it easier for customers to transact directly through their bank accounts rather than relying solely on digital wallets.
He also cited InstaPay, the country’s real-time electronic fund transfer service, noting that transactions among participating banks are free.
“InstaPay among all banks are free. So, it becomes more and more convenient. And if you integrate that with your debit card and credit card, you know, the QR is so unified,” Lee said.
On Monday, Security Bank’s share price rose by 20 centavos to close at P62.00 apiece. Niña Myka Pauline Arceo
