Phoenix acquires digital payment platform

PHOENIX Petroleum Philippines, Inc. has acquired 75% of two companies that own a digital payment platform, which eases the financial transactions between merchants and customers, the oil firm told the stock exchange on Monday.

"The acquisition of Pos!ble shall support business operations particularly the retail network development of the Company as well as the synergies created in business operations of its subsidiaries such as Philippine FamilyMart and other affiliates,” Phoenix said.

“It will likewise enhance onsite offerings while gaining entry into the fast growing digital and physical commerce segment,” it added.

Phoenix Petroleum said Pos! “enables and facilitates financial transactions between a merchant, who avails and uses the service, and his customers, who uses the platform to purchase, buy, or pay all kinds of prepaid loads, bills, and money remittances through a single Point of Sale device.”

Last year, Phoenix Petroleum bought Petronas Energy Philippines, Inc., immediately giving the company a share in the liquefied petroleum gas business, and Philippine FamilyMart CVS, Inc., which holds the exclusive franchise to the Japanese convenience store brand.