The Philippines is one of the world's fastest adopters of cryptocurrency, with the third-highest uptake of crypto globally. Seeing the potential of cryptocurrency in the e-commerce market, Dragonpay partnered with TripleA to launch crypto payments to thousands of merchants in the Philippines.
With the low penetration of credit cards and banking services in the Philippines, Dragonpay bridges the gap between e-commerce businesses and customers by providing alternative online payment methods. Dragonpay's payment gateway enables customers the flexibility of making payments online or over the counter at authorized payment centers after they have purchased goods and services with the merchants and retailers.
"Now that crypto is transforming the e-commerce space, we have to be ready for it. Being part of a more extensive regional payment network will allow us to open doors for both Filipino online merchants to access buyers worldwide, and conversely, for the global merchants abroad to cater to Filipino consumers," said Robertson Chiang, Founder and CEO of Dragonpay.
Cryptocurrency ownership is extremely prevalent in the Philippines. Around 39% of Filipino crypto owners said that they would use cryptocurrency as a means of payment for online purchases (OECD, 2019). On the regulatory front, the Philippine government has been friendly towards digital assets, and they have licensed over a dozen crypto exchanges to operate in the country.
"Recognized as the leading Payment Service Provider (PSP) in the Philippines, Dragonpay is licensed and regulated by the Bangko Sentral ng Pilipinas (BSP), and we are proud to be the chosen partner as it further strengthens our position in the crypto payments space," said Eric Barbier, CEO of TripleA.
The pandemic has fuelled the cryptocurrency trend in the Philippines. With more Filipinos investing and generating income from cryptocurrency, the demand to spend crypto on everyday items will increase, and businesses have to be ready for that.