Cash on Delivery / Cash on Pick-up Performance
Supporting the Philippine economy to grow is fundamental to our business— the unbanked and the micro, small and medium enterprises (MSMEs) included.
More and more Filipinos are shopping online. Yet cash remains the preferred mode of payment of those who do. The high percentage of Filipino adults who do not have an account in a formal institution—currently at 71%— is arguably one of the biggest challenges to a cashless transaction.
That’s why, as the country’s leading company in express delivery and money remittance, we laid out an ambitious agenda: capture the e-commerce market at its origin.
In 2018, we launched Cash on Pickup (COP) and Cash on Delivery (COD) services to support online sellers and MSMEs in their delivery and payment collection requirements, thereby fostering local entrepreneurship and creating value for our stakeholders in strategic and meaningful ways. Fast forward to the following year, we are right where we want to be: making LBC an end-to- end logistics service provider.
In June 2018, we introduced retail Cash-On-Delivery (COD) and Cash-On-Pickup (COP) services in all our branches. COD/COP is our payment solution bundled with our logistics capabilities to make transactions safer and more secure for both buyers and sellers—“Kaliwaan System.” Through our “Cash On Delivery” (COD) and “Cash On Pick-up” (COP) services, we enable online sales transactions faster and more convenient by:
- Offering our branches as a venue for transaction between micro-entrepreneurs and their buyers: A buyer can pay for merchandise upon Pick-Up at a branch (COP); or
- Serving as collection agents for micro entrepreneurs: A buyer pays for their merchandise upon delivery (COD). Proceeds are transferred to the seller’s bank account within one to three days of transaction.