Bank Islam Brunei Darussalam (BIBD) yesterday announced its suite of NEXGEN wallet updates that will enable more consumers in Brunei to use its services without having to go to the bank.

One major update is the new version of the Progresif Pay mobile wallet which can now accept any phone number.

Progresif Pay lets the public make mobile payments, transfer money and top up data credits on their smartphone. The mobile wallet is powered by BIBD NEXGEN and only requires a telephone number to sign up.

Previously the app was exclusive to Progresif subscribers, but the latest update released yesterday opens the mobile wallet to all phone numbers. It also added BIBD QuickPay and NFC functionality.

This allows BIBD to increase adoption of its mobile payment solutions by tapping into consumers that do not have a BIBD account or a bank account in general.

Banking beyond branches

The mobile wallet is co-developed by BIBD and Progresif to help advance BIBD’s “branchless banking” proposition and accelerate financial inclusion in Brunei.

Branchless banking allows anyone to have access to financial services without the need to physically come to a banking branch.

By forging an alliance with a telecoms service provider, the bank is able to serve the telco’s customers even if they do not have a bank account, said BIBD’s Chief Operating Officer Dr Gyorgy Ladics.

“While not everyone has a bank account, many do have mobile phones, and that’s why it makes sense for us to partner with a telco if we want to reach out to more customers in the digital era,” Dr Ladics added.

Other existing BIBD NEXGEN services have already demonstrated the branchless banking concept.

For example, BIBD Aspirasi enables customers to sign up for the Certificate of Deposit and make their investments through the BIBD mobile app, whereas the BIBD BizNet app helps businesses manage their finances directly on their phones.

QuickPay, BIBD’s flagship peer-to-peer mobile payment app, liberates customers from withdrawing cash at the ATM, while merchants no longer need to make deposits at a bank as all transactions are made instantly to their accounts.

BIBD NEXGEN Wave

Apart from Progresif Pay, BIBD also showcased its upcoming contactless payments service, BIBD Wave, which will allow customers to make payments simply by waving their NFC-enabled smartphones on a card reader.

BIBD NEXGEN Wave will also interact with other international mobile wallets such as Apple Pay, Google Pay and AliPay in the future.

The service will be rolled out later this year as part of BIBD’s NEXGEN Wallet ecosystem, which already includes QuickPay, Progresif Pay and Contactless Cards.

According to BIBD, its NEXGEN wallet ecosystem has seen exponential growth in user adoption over the years, with more than 14 million transactions recorded in 2018.

The bank has also partnered with Darussalam Enterprise (DARe) to promote cashless payments at the MSME Festival at Bridex later this week.

Head of Retail Banking at BIBD Hjh Nurul Akmar Hj Md Jaafar said over 100 merchants will use BIBD’s suite of mobile payment solutions such as QuickPay throughout the four-day fair.

“It’s part of our efforts to create a marketplace for our customers to engage and better understand the benefits of our NEXGEN services,” Hjh Nurul Akmar added.

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