DIGITAL payments firm PayMaya Philippines, Inc. said on Tuesday the number of merchants it has enabled to accept contactless payments grew by more than 1,400% year-on-year as of September.
The increase signifies that cashless and contactless payment and money transfer technologies are now “part of the world’s arsenal” against the coronavirus pandemic, PayMaya Founder and Chief Executive Officer Orlando B. Vea said in an e-mailed statement.
PayMaya said it is also providing up to P60 million worth of support to small businesses to help them digitize amid the pandemic crisis.
Among the businesses that use PayMaya’s cashless technology are Megaworld, McDonald’s Philippines, Jollibee Foods Corp., Goldilocks, Unilever, Petron, Shell, Robinsons Malls, SM Supermalls, Smart Communications, Angkas, and Food Panda, among others.
PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT Inc.
PLDT, China’s Tencent Holdings Ltd., Kohlberg Kravis Roberts & Co., International Finance Corp., and IFC Emerging Asia Fund had signed agreements in April to commit up to $120 million in new funding towards Voyager’s expansion plans.
PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan expects PayMaya to be profitable by 2024.
Voyager’s portfolio, aside from the PayMaya e-wallet and app for consumers, includes PayMaya Enterprise for end-to-end merchant-acquiring solutions and Smart Padala, which has over 30,000 partner agent touchpoints nationwide.
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
