Economy & Business

Boxing legend Manny Pacquiao swaps punching for payments

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2020/10/26 21:10

Today's Vocabulary

1. transactions (n)
an occasion when someone buys or sells something, or when money is exchanged or the activity of buying or selling something

2. platform (n)
to say that someone is likely to be successful or achieve something

3. secure (adj)
(especially of objects, situations, etc.) able to avoid being harmed by any risk, danger, or threat

4. launch (n)
an event to celebrate or introduce something new

5. seamless (adj)
happening without any sudden changes, interruption, or difficulty

6. expert (n)
a person with a high level of knowledge or skill relating to a particular subject or activity

7. betterment (n)
improvement

Boxing legend Manny Pacquiao swaps punching for payments

Legendary boxer Manny Pacquiao is launching his own payments platform for social media influencers, brands and fans. His company Pac Technologies aims to launch PacPay later this year to make faster and safer cross-border transactions. It will first be rolled out across his native Philippines and then Singapore, with plans to expand across Asia.

Payment amounts for influencers are based on many factors such as the number of followers they have and the amount of engagement their posts get. PacPay wants to make the payment between influencers, brands and fans as seamless as possible.

The fintech firm says the platform will also feature a rewards programme and allow users to connect with their favourite influencers and brands.

“There are millions of users across different social platforms, and having an easy-to-implement, cost-effective, cross-border branded payment system that is secure can add a lot of value for users,” said Ian Chapman-Banks, a technology expert and chief executive of SQREEM Technologies.

Pac Technologies is also looking at online payments services around healthcare and employment, two sectors that it feels need to be prioritised during the pandemic.

“This is not just about making a personal profit, but I would like to see it as a long-term investment for the betterment of my countrymen,” Mr Pacquiao added.

 

Resource: https://www.bbc.com/news/business-54597255

Discussion
  1. Are cashless payments discriminatory?
  2. What is your preferred way of paying for things?
  3. Should businesses have the right to choose how to accept payments?
  4. What are the dangers of cashless payments?

The advantage of online banking is that you can pay bills superfast, and your account is automatically credited or debited for each deposit and payment, making it easier to stay on track.

Suze Orman

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