The Bank of the Philippine Islands (BPI) expects users of its digital wallet, VYBE, to double to five million by 2026, driven by the increasing acceptance of digital payments among Filipinos, particularly the youth.
As of now, VYBE has around 2.3 million users, with the bank targeting 2.5 million by the end of 2025.
“We also have a good number of new banks that we have gained through the years. So, there’s a good number (of account holders), and we hope we continue to grow that one because it’s also aligned with our vision for financial inclusion,” said Eric Faustino, BPI’s Head of Digital Partnerships and Ecosystems, during a Thursday briefing.
BPI recently partnered with Pay&Go, a self-service kiosk operator, allowing VYBE users to cash in for free at over 3,400 kiosks nationwide.
“Digital banking must serve not only the tech-savvy but also the overlooked. As we expand VYBE’s access through Pay&Go, we are building a more inclusive financial landscape where every Filipino has the tools to move forward,” Faustino said.
Meanwhile, BTI Payments Philippines CEO Dan Ibarra shared that most Pay&Go machines are located in Metro Manila and Luzon, with 12% in Mindanao and 8% in the Visayas.
He added that the company aims to expand to 4,500 kiosks nationwide by next year, focusing on underserved areas in the Visayas and Mindanao to help reach more Filipinos with limited access to financial services.