PayMaya says cashless transactions from regional MSMEs surged in Q2
DIGITAL PAYMENTS firm PayMaya Philippines, Inc. said on Monday that the volume of transactions it processed from micro-, small-, and medium-sized enterprises (MSMEs) outside Metro Manila more than quadrupled year on year in the second quarter, suggesting that regional small businesses are quickly adopting digital payment technologies.
In a statement e-mailed to reporters, the company said its solutions enabled regional MSMEs to accept digital payments via QR or number linked to a PayMaya wallet, bank transfers, card payments, and other e-wallet payments.
PayMaya President Shailesh Baidwan said: “The demand for digital payment solutions continues to grow, and we’re very excited to see more MSMEs outside Metro Manila use PayMaya solutions in their businesses.”
“Today, these MSMEs can enjoy best-in-class solutions at par with bigger merchants, and they can be as equally competitive as their peers in Metro Manila,” he added.
The company said the majority of MSMEs in the Philippines are located outside the capital region.
These firms have needed to go online and cashless amid the coronavirus pandemic, PayMaya said, “helping fast-track the digital transformation of these MSMEs with business-in-a-box solutions that can readily be used to accept any form of digital payments for their online commerce or physical stores.”
To enable MSMEs to accept QR, bank transfers, and e-wallet payments via mobile phones, the company introduced last year its Paymaya Negosyo App, which also allows these small firms to become community outlets for bills payment and digital goods like telecom load and gaming pins.
PayMaya said it provides financial services to over 38 million Filipinos. The company said its customers can pay, add money, cash out or remit through its more than 300,000 digital touchpoints across the country.
PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin
