“Cash is still king” Thus said Dick Chiang on a media interview with One News when asked to look back since the inception of DragonPay nine (9) years ago before the financial technology craze.
Geared towards its 10th year anniversary, Dragonpay Chief-Executive-Officer (CEO) Dick Chiang sat down with One News Philippine pay television.
The Fintech leader explained that when Dragonpay was established, they came up with the mission of bringing in people to go online, especially those who don’t have credit cards and online banking.
Dragonpay has established itself as an authority in an alternative payment scheme. However, Chiang admitted that they have no plans to erase cash payment in the financial technology landscape. He explained in the interview that “We pushed for more alternatives cash payments. But even today, when you look at online shopping sites, 80-90% of the transactions are Cash on Deliveries. Not a lot has changed, to be honest.”
When asked about banking partnerships, Dick Chiang stated that he is a good sport and they are open for collaboration. In fact, Dragonpay been working with Unionbank for quite a while now and they have done a lot of things with them.
“We see potential collaborative effort with banks. There is no competition.” Chiang said.
Moving in with Dragonpay’s Sure Tayo mobile app, Chiang gave details that it targets online sellers on Facebook and Instagram who are not in the official economy. Chiang further explained that “We wanted to give buyers a higher level of confidence when shopping online. We are the middleman who bridges the gap between merchandisers and consumers.”