SMALL and medium enterprises (SMEs) are being encouraged by PayMaya Philippines, Inc. to invest in digital payment systems to expand their customer base.
In a statement, the digital wallet arm of PLDT, Inc. said that having the capability to facilitate digital transactions will help SMEs improve business operations, as it will provide a more seamless means to connect to other entities.
“Businesses — big or small — can easily start their digital transformation by installing a digital payment system that will allow it to tap and connect to a larger audience and work seamlessly with other companies and the public sector,” PayMaya President Shailesh Baidwan said in the statement.
A recent report by Ernst & Young Global Ltd. showed SMEs in the Philippines are expected to continue investing in current and transformative technologies in the next three years to catch up on the rest of the region.
PayMaya said investing in technology is expected to “(drive) consumers to purchase through different channels.”
“We are in a time where there is an accelerated real-time expectation from consumers that businesses have to meet. On the other hand, there is an increasing desire for companies to improve efficiencies, reduce operational risks, and respond to innovation. All these can be addressed by digital payments,” Mr. Baidwan said.
Among PayMaya’s business solutions are plug-ins, e-mail invoicing, quick response (QR) technology and an all-in-one terminal for payments.
PLDT’s digital arm Voyager Innovations, Inc., which handles PayMaya and Smart Money, among others, is targeting to have 30 million users in its platforms by next year.
Voyager is backed by China’s Tencent Holdings Ltd.; US-based Kohlberg Kravis Roberts & Co. (KKR); International Finance Corp. (IFC); and IFC Emerging Asia Fund.
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. — Denise A. Valdez
