Community-based digital transactions provider POSIBLE is helping micro, small, and medium enterprises in their transformation as a response to the call of a more digitally inclusive business ecosystem.
Recently, POSIBLE introduced its POSIBLE Business Device geared toward sari-sari stores (mom and pop shops) to allow them to evolve into an all-in-one digital hubs.
In the Philippines, sari-sari stores are the go-to place for Filipinos for all their everyday needs. A store at the corner of the street sells almost everything from food to drinks and even school supplies. According to the Philippine Association of Stores and Carinderia Owners (PASCO), there are 1.3 million sari-sari stores nationwide. Despite the increasing number of malls and convenience stores, they are still the most frequented retail place by (94%) Filipinos, based on a Nielsen study in 2015.
POSIBLE’s Business Device further transforms sari-sari stores into one-stop shops where people can now also pay bills. People in the neighborhood now have additional payment options that won’t require them to go far. For a P45,000 investment, sari-sari stores can expand their business to include bills payment, select government fees payment, banking and financing services, bus ticketing, e-money remittance, insurance, mobile loading, and online gaming credits, among the services that can be done with the device. It also prints out transaction slips as proof of payment.
The 2018 Nielsen Quest for Convenience stated convenience is the top priority of Filipino consumers. Through fintech, POSIBLE continues to make more products/services available in the community by empowering MSMEs.
“We are pleased to see that our entrepreneurs are being enabled to offer services more than the traditional products in the community,” said JG Puzon, CEO, POSIBLE. “With our innovations, we are seeing MSMEs upscale their businesses and make financial transactions even more convenient for Filipinos.”
Today, POSIBLE has over 5,000 empowered retailers nationwide, making digital financial services accessible to over 500,000 unique customers.