Rising startup SquidPay licensed as an e-money issuer by the BSP
SQUIDPAY TECHNOLOGY INC. can now operate as an e-wallet after obtaining its Electronic Money Issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP) last December 2020.
The EMI license’s approval paves the way for the company to offer a broader range of financial services with lower transaction fees to millions of Filipinos. These financial services allow users to transact online and offline to send money, pay bills, purchase mobile load, remit to relatives, and pay for goods & services in partner merchant stores.
SquidPay users can cash-in via bank deposit, over-the-counter at SquidPay kiosks, internet banking fund transfer, and payment centers. Personal users and business clients can load up to 1 million and 5 million pesos, respectively. Integrated with Instapay for real-time transfers, SquidPay users can send money to participating BSP-regulated banks and electronic money issuers. On the other hand, users can withdraw through accredited banks, payment centers, and SquidPay kiosks, as well as through their SquidPay debit card via Bancnet, Visa, or MasterCard.
Launched in early May 2020, SquidPay is one of the fastest-growing fintech startups in the Philippines. SquidPay strives to advance the country into the digital space and achieve the goal of financial inclusion through digitized payments, collections, and remittances. SquidPay provides end-to-end real-time electronic payments and collections with its mobile application, EMV chip card, NFC stored value cards, and QR codes. SquidPay has partnered with national agencies, local government units, banks, private entities, public utility vehicle operators, and other transport systems to offer a suite of fintech services.
Apart from successfully securing Php 100 Million Series A funding and a Php100 Million credit facility, the EMI license will allow SquidPay to roll-out operations beyond Baguio and Pampanga. SquidPay aims to increase its Metro Manila presence by the first quarter of 2021 and onboard the majority of the megacity’s population by the end of 2021.
Envisioning a cashless society, Squidpay addresses the need for contactless payments and enables the unbanked to access financial services that it is otherwise unable to. Aligned with the BSP’s broadening financial inclusion goals and promoting digital solutions, SquidPay aims to be the ultimate electronic payment and full-line financial service provider for everyday Filipinos.
With the increasing need for digital transformation and contactless payments brought about by the pandemic, SquidPay rises to the challenge to ease the Filipino’s transition to the new normal. By providing a safe and convenient alternative to physical payments with its newly-acquired EMI license, SquidPay will serve the Filipino citizens more effectively now and in the coming years.
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