VOYAGER Innovations, Inc. said it is close to hitting 20 million users on its platforms as it targets to have P1 trillion annual transactions in PayMaya by 2023.

The digital arm of PLDT, Inc. — which handles mobile wallet PayMaya and mobile remittance arm Smart Padala — said it is continuing to gain traction on its platforms as it expands its catalogue of use cases.

Asked when the company could hit 20 million users on its platforms, Voyager President Shailesh Baidwan told reporters last week: “We should reach that very soon. Because we have customers who use our wallet (PayMaya). We also have remittance through Smart Padala… So we have all these users who are doing all the same behavior. We have a very large base.”

The company does not disclose actual user figures, but it previously claimed PayMaya has the largest active user base in the Philippines.

Mr. Baidwan said Voyager’s thrust is to be “used for what our customers need to do,” hence the development of products that provide services such as bills payment, sending money and online shopping, among others. It also works with merchants to develop payment processing.

Aside from PayMaya and Smart Padala, Voyager also owns financial technology firm FINTQnologies Corp., whose products include digital banking, digital aid & finance and digital lending platforms.

Voyager Founder and Chief Executive Officer Orlando B. Vea said while the company is far from booking profits, it is happy to continue investing as some parts of the business are already recording positive margins.

“[We’re] positioning ourselves for massive growth. Without investments, we cannot grow the way we want to,” he said.

PLDT has invested some P9-10 billion in Voyager from 2013 to 2018 before it welcomed foreign investors last year which infused $215 million (about P10.91 billion) into the firm. These foreign companies include China’s Tencent Holdings Ltd., the developer of WeChat and WeChat Pay.

Other investors are US-based investment firm Kohlberg Kravis Roberts & Co. and World Bank’s International Finance Corp. (IFC) and IFC Emerging Asia Fund. The entry of the investors reduced PLDT’s stake in Voyager to below 50%.

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

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