PARIS, SINGAPORE and MANILA, Philippines, Oct. 31, 2022 /PRNewswire/ -- Ingenico, a global leader in payments acceptance solutions, announces a partnership with Premise, a payment-led embedded banking platform to provide integrated digital payment solutions and financial services to cash-driven micro merchants across the Philippines.
Ingenico is Premise's preferred certified payment terminal provider, deploying the AXIUM DX8000. Running on Android, the terminal allows third-party software integration to enable digital payments for these micro-businesses. Premise will also scale its service offerings by linking to Ingenico's Payment Platform as a Service (PPaaS), a cloud-based platform to manage and deliver advanced payment and commerce services quickly and efficiently to terminals.
In the Philippines, cash remains king as 65% of its population is still unbanked, amongst the highest in the APAC region. And a viable option for accessing the financial infrastructures is digital payments like mobile or digital wallets, requiring only a phone number and valid ID. In 2020, almost 25 million* Filipinos used mobile wallets to make or accept online payments, presenting a vast opportunity to tap into their existing behaviour offline.
Premise's turnkey universal payment acceptance platform, which includes payment terminals, financial services capabilities, and regulatory licenses, removes businesses' reliance on banks for payments. The partnership between Premise and Ingenico opens an omnichannel payments acceptance platform by bringing alternative and cashless payment methods directly to the merchant's point of sale, emulating the online customer experience.
Nigel Lee, Ingenico's Senior Vice President for the Asia Pacific, commented, "We are proud to partner with Premise and empower the micro-entrepreneurs by equipping them with digital and alternative payment solutions in their businesses. It allows them to facilitate their customers' transition from online payment methods to in-store and become the driving force for cashless inclusion in their community. This aligns with Ingenico's mission to help shape the evolution of commerce worldwide."
Gary Repchuk, Premise's founder, said, "Ingenico has provided unparalleled levels of support to Premise during the integration of the AXIUM DX8000 and PPaaS by supporting our delivery of a terminal designed for a fully digital payments experience to cash-first Filipinos. Our designation as an Ingenico Technology & Channel Partner enables us to lead the market in delivering cashless inclusion to every corner of the Philippines. Premise shares Ingenico's vision of enabling this new world of commerce, and we look forward to working with them over the course of this and future partnerships."
Through the alliance of technologies between Ingenico and Premise and a deep understanding of local behaviour and existing user experiences, the micro-businesses point-of-sale is now empowered with flexible, seamless solutions and promoting cashless inclusion across the depths of the informal economy.
Catch Premise at Ingenico's Singapore Fintech Festival 2022 booth at Hall 2 sharing their experience on the partnership, supporting micro-merchants, and cashless inclusion in the Philippines.
* Digital payments in Philippines
About Ingenico
Ingenico is the global leader in payments acceptance solutions. As the trusted technology partner for merchants, banks, acquirers, ISVs, payment aggregators, and fintech customers, our world-class terminals, solutions, and services enable the global ecosystem of payments acceptance. With 45 years of experience, innovation is integral to Ingenico's approach and culture, inspiring our large and diverse community of experts who anticipate and help shape the evolution of commerce worldwide. At Ingenico, trust and sustainability are at the heart of everything we do.
About Premise
Premise is a Payment-led Embedded Finance Platform that is built on the fact that when all of your platform's transactions are processed within your platform's rails via your own bank-grade regulatory infrastructure, then integration costs and complexities for all financial products gradually disappear. This is the foundation for innovating banking exactly the way you want it, and this is why the future of finance begins with Premise.
Premise is powered by Xpay.Worldwide Corporation (XPAY), including the maintenance of the following compliances: PCI-DSS L1 v3.2.1, AML, KYC, Data Privacy, Operator of a Payment System (Philippine Central Bank). XPAY is a Global Ingenico Channel and Technology Partner, as well as a Global Payment Facilitator and Third-Party Processor for Visa, Mastercard, JCB, and AMEX.
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