For Robertson Chiang, the vision behind Dragonpay was clear—help Filipinos without credit cards participate in e-commerce. But while the idea was promising, the market wasn’t quite ready for online banking payments.
“People were not yet really used to online banking yet. During those times when people used online banking, it was generally only to inquire about their balance. People didn’t really have a concept yet of making payments using their bank accounts,” Chiang recalls.
Then, in 2010, a market shift happened—the daily deal industry exploded. Platforms like Metrodeal, Ensogo, and CashCash Pinoy flooded the market with restaurant vouchers, spa deals, and travel discounts. The problem? Most customers didn’t have credit cards.
“By the time I went commercially into production, which was around late 2010, luckily, that was the time when the daily deal sites started booming. This was the time when CashCash Pinoy, Metrodeal, Ensogo, and similar platforms were thriving,” Chiang says.
This was the perfect opportunity for Dragonpay to step in. Chiang positioned the company as the go-to alternative payment provider, allowing consumers to pay for online deals using cash deposits and over-the-counter banking.
“We tested the market for online payments kasi we wanted to see how people would buy those restaurant deals or spa deals without using credit cards. So, I positioned myself as the alternative payment provider,” he explains.
The response was immediate.
“However, about two months into the venture, I quickly realized that people didn’t have online banking accounts, and even for those who did, they were not comfortable using online banking for transactions. This prompted me to make another pivot,” Chiang shares.
By aligning with the daily deal boom, Dragonpay was able to capture a large, untapped market—Filipinos eager to shop online but with limited payment options.
The timing couldn’t have been better. As daily deal platforms surged in popularity, Dragonpay scaled rapidly, proving that the key to fintech success isn’t just about innovation—it’s about understanding consumer behavior and seizing the right market moment.
What started as an alternative payment experiment became one of the driving forces behind e-commerce adoption in the Philippines. And it all came down to perfect timing.
This article includes quotes from an interview originally published by Esquire Philippines, authored by Henry Ong.
