Thursday, October 7, 2010
BPI Over-the-Counter Payments
Bank of the Philippine Islands (BPI) is one of the oldest commercial banks in the Philippines. It is consistently ranked as one of the Top 3 banks in terms of deposits, loans and capital accounts. It pioneered the Automated Teller Machine (ATM) in the country, and as of 2Q2009, it had the the most number of ATM's deployed at 1,573. It operates its own ATM network, called ExpressNet, independent of the BancNet and MegaLink ATM consortiums. It also had the largest branch network at 827, which has no doubt increased by several more as of this posting.
BPI is owned by the Ayala Group whose business interests include real estate (Ayala Land), telecommunications (Globe Telecoms / Innove Communications), utilities (Manila Water), insurance, electronics, and automotive, among others.
Customers who make purchases from Dragonpay-accredited merchants can pay through any BPI branch nationwide even if they do not maintain an account with the bank. They just need to fill-up a deposit slip and validate their payment online. In most cases, validation is not even necessary as Dragonpay's system can automatically detect the deposit and advise the merchant in real-time.
BPI does not charge a handling fee for deposits made to any of its branches nationwide. This makes it a preferred option for over-the-counter payment from nationwide customers.