5 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
World ’ s largest IKEA opens in the Philippines
Swedish furniture giant IKEA opened the doors of its largest store yet in Pasay City , Philippines , on Thursday , November 25 .
The first IKEA Philippines branch boasts a whopping 65,000 square meters of retail space , more than twice the usual IKEA store elsewhere .
“ The size is driven mainly by logistical needs . We have a promise to our customers called instant gratification , so basically everything that you see in the store you can take home on the same day , so there is no need of waiting ,” IKEA Philippines store manager Georg Platzer said .
The store was initially scheduled to open in 2020 , but its launch was pushed back due to the coronavirus pandemic .
“ When 3,000 people had to leave the construction site last year and they couldn ’ t come back for six weeks , that was a dramatic moment for all of us because we didn ’ t know how that will continue ,” Platzer said .
More digitalization initiatives underway – BSP
Industry players and consumers will have access to more digital payments initiatives by the end of this year and into 2022 .
The Bangko Sentral ng Pilipinas ( BSP ) is collaborating closely with the Philippine Payments Management , Inc . ( PPMI ), a BSP-accredited payment system management body in the Philippines , to roll out more services related to QR Ph and the PESONet .
The central bank in a statement said the person-to-merchant QR Ph scheme will have its full launch in the coming days .
“ I am confident that this initiative will facilitate efficient digital payments to unbanked micro-entrepreneurs such as sari-sari store owners and tricycle drivers ,” said BSP Governor Benjamin E . Diokno during a recent PPMI meeting .
The scheme was pilot-launched in April and included select merchants that use InstaPay , the retail electronic fund transfer system that facilitates transactions below P50,000 . This also allows consumers with accounts in select banks to perform the person-to-merchant QR payments .
Its showrooms feature Filipino elements for local customers to get a familiar feel , while envisioning IKEA items in their homes .
With the store finally open , Filipinos will also be able to experience something that may be unusual for some , but quite normal in IKEA : assembling the furniture yourself .
While Filipinos may be used to shops assembling the furniture for them , Platzer hopes that people find joy in doing so with loved ones .
Source : Rappler
“ The BSP will continue to work with the [ PPMI ] to ensure that every Filipino can have meaningful participation in an increasingly digital Philippine economy ,” Mr . Diokno said .
Meanwhile , the BSP and PPMI are also working together to allow multiple batch settlement through PESONet by the end of this year .
“ From once a day , multiple batch settlement will increase the frequency of PESONet settlements to two times a day . This will speed up the payment process for high-value transfers and support funding requirements for businesses ,” the BSP said .
The PESONet is the electronic fund transfer service handling transactions worth more than P50,000 under the central bank ’ s National Retail Payment System . The transfers are credited to the receiver by the end of a banking day , making it suitable for business-to-business dealings and an alternative to the paper-based check system .
Other digitalization initiatives including an interoperable bills payment facility and the request-to-pay facility are expected to be launched early next year and by the second quarter of 2022 , respectively , the BSP said .
Source : Business World
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