Tech startup Packworks said the availability of e-wallet payments at small mom-and-pop stores grew 75% year over year in late August.
In a report, Packworks also found that 20% of such stores, known in the Philippines sari-sari The store recorded a two-fold increase in the use of e-wallet by its customers, with 20% reporting a 50% increase, while 10% reported a 10% increase.
Hubert T. Yap, chief platform officer and co-founder of Packworks, said store owners are adopting digital tools to diversify their services.
“They are now diversifying their product range, offering higher-margin, value-added financial services and integrating digital tools like our app to fundamentally improve their operations and act as almost frictionless nano-banks for the areas they serve,” Mr Yap said.
Packworks said the use of digital wallets allows store owners to maintain their customers' preferences in terms of goods purchase, money access and bill settlement.
Packworks, which offers a digital store-management application sari-sari The industry found that 66% of owners earned 20% of their revenue from e-wallets, while 21% said their e-wallet transactions accounted for 10% of their revenue.
The study found that there were five e-wallet accounts in use among store owners, led by GCash, which was present in 85% of stores, followed by Maya with 15%.
Mr Yap cited the need to support the industry with fintech tools to digitalize operations.
“There is an urgent need to support these micro-entrepreneurs with the right fintech to ensure they can fully leverage the opportunities,” he said.
The Bangko Sentral ng Pilipinas (BSP) estimates that online payments account for 57.4% of retail payments in terms of transaction volume.
BSP aims to bring digital payments by transaction payments to around 60-70% of retail volume by 2028. , Beatriz Marie D. Cruz
