MANILA – ING Bank Philippines on Tuesday launched its own e-payments service called ING Pay, joining a fast-growing sector dominated by GCash and PayMaya.

ING Philippines Country Manager Hans Sicat said despite the number of players in digital payments, the company believes that there are still huge opportunities for new entrants.

"We're just at the start of this exponential growth in terms of use. So I don't think crowded is the correct term, in fact, you're probably going to see just immense growth," he said.

Sicat added, they see ING Pay to be complementary rather than competing with current e-payment platforms.

Mohamed Keraine, Head of Retail at ING Philippines also said that the company is looking at launching a credit feature on their app which they expect to launch sometime in 2021.

"So, in the long-term, there will be more players, I hope more and more players. I think ING is offering a service that's really outstanding in terms of the proposition we have and the way we're doing things," Keraine said.

ING Pay is integrated into the ING app and can be used to pay for bills and other transactions.

It currently features 70 pre-enrolled billers and merchants, including major utilities, credit cards, insurance, and telecommunication companies.

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During the ING Pay virtual launch, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the entry of a new player was aligned with the central bank's Digital Payments Transformation Roadmap for 2020 to 2023.

"I am glad that ING joins the roster of banks that maximize the use of our current payment streams, InstaPay and the PESONet, for the benefit of their clients. Moreover, I am very grateful to ING for helping us encourage the use of e-payment services by offering these services for free," Diokno said.

The BSP is aiming to convert 50 percent of the country's total volume of retail payments into digital, and expects digital platforms to reach Filipinos who have yet to be served by traditional lenders.

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