HelloMoney: Making banking and financial services as easy as saying ‘hello’

By Lourdes O. Pilar, Researcher

“SAY HELLO to a Worry-Free Life!”

This is HelloMoney’s promise to provide Filipinos with secure, fast, and efficient access to integrated digital financial services, emphasizing its commitment to financial inclusion.

HelloMoney is the e-wallet mobile app or a prepaid banking account powered by Asia United Bank (AUB) where customers can operate a convenient and secure 24/7 mobile banking transactions provided with internet connections.

It was launched by AUB in 2019 to enable users to open an account without experiencing the problems encountered in a physical branch.

To improve HelloMoney’s e-wallet market share, the bank will venture on more innovations in the future such as offering microinsurance, digital savings solutions, in addition to further widening its global reach and acceptance network.

It will further enhance the e-wallet’s user experience and streamline its features.

To gain insights into HelloMoney’s plans and developments six years after its launch, BusinessWorld interviewed AUB President Manuel A. Gomez to discuss the e-wallet’s market offerings and future ventures in the Philippines.

As one of the e-wallets in the Philippines and backed by Asia United Bank, what advantages does HelloMoney have over other e-wallets in the country?

HelloMoney has a unique advantage in the Philippine e-wallet space because it’s backed by AUB. This means HelloMoney users can be confident their money and transactions are protected by bank-grade security and regulatory compliance. Being part of AUB’s ecosystem also allows HelloMoney to offer more integrated financial services to its users.

Other advantages of HelloMoney:

• AUB pioneered the country’s first fully digital registration through National ID integration. This means there’s no need for a physical ID to open an account on HelloMoney because the user’s face already serves as their ID.

• Lowest InstaPay fee of P8 and zero convenience fees for billers.

• Partnership with Parañaque Integrated Terminal Exchange to digitalize public transportation and modernize how Filipinos pay for their daily commute.

• Digital partnership with Alipay+ made AUB the first Philippine bank with an e-wallet that can be used for cross-border mobile payments in 2022. This also brought HelloMoney closer to Filipinos in Japan, South Korea, Malaysia, Hong Kong SAR, and Singapore.

What are AUB and HelloMoney doing to reach unbanked and underserved Filipinos?

AUB is deeply committed to financial inclusion. Its strategy involves partnering with reputable institutions across the Philippines to reach the unbanked population. Through these collaborations, AUB is creating easier ways for Filipinos to access basic financial services, especially in areas where traditional banking might be limited.

One of these partnerships is with the Philippine Statistics Authority on the National ID integration in which AUB pioneered the country’s first fully digital registration. Even if the unbanked and underserved do not have a physical ID, they can open an account on HelloMoney and enjoy the benefits of digital banking just by having a digital National ID and having their biometrics done. Soon, they can also open an account in a physical branch of AUB just by looking at a camera.

What ongoing programs of AUB and HelloMoney do customers mostly use for their transactions?

It’s exciting to see how our customers are embracing digital transactions. We’re seeing significant growth in three main areas: InstaPay transfers, mobile load and gaming pin purchases, and bill payments. These services have become essential tools in our users’ daily lives.

AUB has partnered with Alipay+ to enable HelloMoney for cross-country transactions. How does the partnership help the users to get an efficient payment and other transactions experience?

Our partnership with Alipay+ has been transformative for our international capabilities. Our users can now make QR payments across multiple Asian countries including Japan, South Korea, Malaysia, Hong Kong SAR, and Singapore. This has really simplified cross-border transactions for our customers, whether they’re traveling, working, or studying abroad.

What consumer benefits arise from AUB’s partnership with Smart Communications, Inc.?

The collaboration with Smart Communications has been fantastic as it enabled AUB to expand its services. AUB has launched several successful campaigns offering special promos and HelloMoney credits for load purchases. It will continue to roll out more exciting campaigns through the end of the year to bring added value to HelloMoney users.

What security measures have you developed to prevent illicit online banking transactions? What are the preventive tools that are being used to protect its clients from fraud and anti-financial crime?

Security is a top priority at AUB. The bank recently integrated with the National ID’s e-Verify system, which gives it more confidence to verify customer identities. This is just one part of a comprehensive security framework to protect its customers.

What are your plans and innovations in the coming years? What products and services do you plan to offer in the market, and how would you differentiate these offerings from those provided by other e-wallets?

AUB has several exciting projects in the pipeline. Its focus is on creating more value within the HelloMoney app, making banking access even easier and more convenient to users.  The bank is constantly innovating to meet customers’ evolving needs.

To continue growing HelloMoney’s e-wallet market share, the bank will embark on more innovations in the coming years such as offering microinsurance, digital savings solutions, in addition to further widening its global reach and acceptance network.

It is also introducing more enhancements in user experience and simplifying HelloMoney’s features. Ultimately, making banking and financial services more accessible, secure, and simple for Filipinos through HelloMoney should be as easy as saying “hello.”

What do you think are the biggest risks faced by e-wallets and what do you currently doing to eliminate these risks?

In the e-wallet industry, scams and fraud are certainly the biggest challenges. That’s why AUB is continuously enhancing its onboarding process and proper KYC (know your customer) is crucial. It has also made its fraud monitoring systems more robust to review transactions and protect users.

How much did the HelloMoney’s customer base have grown since it was launched in 2019? How about the total volume and value of transactions since the launch? Please provide year-on-year data.

AUB takes pride in HelloMoney’s growth trajectory. As of December 2024, its user base has reached 6.3 million, a 37% increase from 2023. Transaction count hit 51.8 million, up 33% from 2023, while transaction value has grown to P196.5 billion, a 34% increase. These numbers reflect the trust users place on HelloMoney and on AUB’s commitment to serving their financial needs.

To know more about AUB’s HelloMoney, visit https://www.aub.com.ph/hellomoney. You may download the app via App Store (Apple), Google Play (Android), and App Gallery (Huawei).