Sunday, April 14, 2024

Putting up a ?bayad center? possible with this P35,000 device

By Rizal Raoul Reyes

Fintech and digital services provider Posible.NET recently held the official launch of its e-commerce device that can transform a roadside sari-sari store or a house into a payment or ?bayad? center.

The small apparatus, which can be purchased for P35,000, is the brainchild of John Joseph Gabriel Puzon, an IT professional who is now the president and CEO of Posible.NET.

“We have been hitting milestones since we started operating in 2016,” Puzon said in the press briefing, adding that his company has received a warm response from its growing number of retailers and consumers.

The Posible.NET device offers approximately 300 digital services including utility bills payment, select government fees, money services, micro-insurance, mobile loading, online gaming credits, and ticketing. Each transaction also comes with a confirmation receipt.

Puzon said the network of Posible.NET devices across the Philippines have already generated close to P2 billion worth of transactions.

He said there are about 1,600 partners who are now operating the device, mostly as an ?add-on? to their current businesses. ?We don?t? see it as a stand-alone because it will not be viable at this time,? he said.

As a digital transactions platform, Puzon said Posible.NET can eliminate the barriers to financial accessibility in the Philippines primarily the MSMEs in the country such as the sari-sari stores, laundromats, bakeries, barber shops, and other community-based businesses.

?The platforms we built over the years brought financial technology to many communities, but still, only the big businesses were able to realize the advantages,? said Puzon.

?Our goal is to bring the innovations to the broader base of Filipinos, a type of inclusion wherein every Filipino enjoys the convenience and benefits of emerging technology.?

Posible.NET president and CEO John Joseph Gabriel Puzon

The Bangko Sentral ng Pilipinas (BSP) said the country needs to step up its financial inclusion campaign as up to 36 percent of towns and cities in the Philippines still do not have access to banks, and it takes 21 minutes on average for a consumer to go to the nearest financial access point.

?We are working to make the technology readily available to all barangays and community stores so that they would be able to do digital transactions and spur economic growth,? he said.

?Our objective is to penetrate more areas, especially those where banks and payment centers are minimal or nonexistent.?

Venus Santos, a sari-sari store owner, welcomed the introduction of the device to her store?s operations. ?Now I can offer digital services that bring convenience to my customers,? she said during the open forum.


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