Phoenix Petroleum shifts to digital payments
Leading independent oil industry player Phoenix Petroleum Philippines, Inc. is elevating competitive advantage over rivals with its shift into digital payment scheme at its gas stations – and this is concretized via recent majority equity acquisitions in Action.Able, Inc. (AA) from Wildemon, Inc.; and ThinkAble Limited (TA) from Seawood Prime Limited.
These two entities are flourishing digital payment platforms, which according to the oil firm, will enable it to “facilitate financial transactions between a merchant, who avails and uses the service; and the customers who use the platform to purchase and pay.”
Phoenix Petroleum added this will allow “all kinds of prepaid loads, bills and money remittances through a single point-of-sale (POS) device.”
It emphasized that “the acquisition of Pos!ble net, through AA and TA, shall support business operations of the company aside from synergies on its retail network development from various fuel products as well as subsidiaries and affiliates,” such as its recently acquired Family Mart.
Phoenix Petroleum currently has 530 gasoline stations under its retail portfolio, and beefing that up is a continuing target, as company Chief Operating Officer Henry Albert Fadullon asserted that “we are enhancing our network, products, services and promotions… we focused on delivering value and operational excellence as we aim to make Phoenix Petroleum a credible alternative to the bigger players.”
In many oil markets offshore, quick response (QR) codes enabled by mobile phone applications have been thriving as digital payment system – either in gasoline stations to power companies as well as other industries and even the smallerscale retail stores. Top-up or reloading may also be done online or at points with ease of access to customers.
As noted by Phoenix Petroleum President and CEO Dennis A. Uy, “the development of e-commerce, particularly online shopping (which he fondly refers to as his wife’s favorite retail therapy) is both disruptive to our business and my personal finances… the biggest disruptor in the past 30 years is the advent of the Internet,” hence, he emphasized that the digital world will be the wind of change that the company will continually tread on.
He stressed that “as an entrepreneur, it is second nature for me to jump at opportunities, to a find a need and serve it… and more so, with my company.”
On the more gigantic front of competition in the industry, the Phoenix Petroleum chief executive noted that initiating changes on business models – while it could be a tremendous challenge, may definitely reap benefits to the company as well as to its customers.
“Change is usually positive for us business insurgents – those who rebel against the incumbents who do business-as-usual. Insurgents are certain there are better ways to do business, especially with the aid of technology,” Uy said.
He added that most established businesses “often refuse to see the changes in the landscape and consumer preference, and get left behind. Many of the brands we knew when we were kids not so long ago are no longer here, supplanted by start-ups.” (MMV)