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PayMaya leads the way to a ‘cashless Philippines’ in 2020 and beyond

Published Jan 05, 2021 6:32 pm

More and more Filipinos are turning to cashless payments. End-to-end digital payments platform provider PayMaya ended 2020 with more than 28 million customers, who conveniently pay, add money, cash out, or remit in over 200,000 touchpoints nationwide.

PayMaya's platforms are currently used by consumers, businesses, communities, and government agencies. On top of its popular PayMaya app and wallet, it also powers all kinds of enterprises for eCommerce and everyday transactions. 

The company has likewise expanded its Smart Padala network to over 33,000 agent touchpoints nationwide, allowing even those in the farthest areas of the country to conduct transactions, such as remittances, bills payments, mobile prepaid loading and even QR payments.  

As a result of this inclusive ecosystem approach, total digital payment transactions processed by PayMaya has tremendously grown as more sectors of society adopt cashless payments, making it the default for transactions.  

“No other fintech company has built this inclusive ecosystem of products, services, and touchpoints that reach a vast majority of Filipinos nationwide. We have made it so easy for ordinary consumers to get a financial account and for merchants to accept a wide range of cashless payments, including PayMaya,” said PayMaya President Shailesh Baidwan.   

“This radical shift to cashless for the Philippines will only continue accelerating in 2021 as we offer more services and forge more enterprise partnerships relevant for many consumers,” he added.

These initiatives are also in support of the goals of the Bangko Sentral ng Pilipinas (BSP) to increase the share of digital payments to half of all retail transactions and expand financial inclusion to 70 percent of Filipino adults by 2023, as part of its recently released Digital Payments Transformation Roadmap 2020-2023.

E-Wallets take center stage  

With the whole country combatting the spread of COVID-19, Filipinos have turned to the PayMaya e-wallet for safer and more convenient everyday transactions, making cashless payments increasingly the preferred mode over cash.

According to the latest e-Conomy SEA 2020 report by Google, Temasek and Bain & Company, the average number of cash transactions by consumers declined from 48 percent pre-COVID-19 to 37 percent post-COVID-19.   

On the other hand, the frequency of e-wallet transactions rose from an average of 18 percent pre-COVID-19 to 25 percent post-COVID-19, the study said.  

Cashless transactions made by Filipinos through the PayMaya app have consistently registered triple-digit growth rates throughout 2020, peaking sometime around May at the height of the enhanced community quarantine. It registered over 1000-percent year-on-year growth compared with the same month in 2019.  

The top use cases among PayMaya users in 2020 were sending money to friends and family, paying bills, and purchasing mobile prepaid load, all of which have formed part of their everyday financial transactions.  

As the Philippine economy re-opens on its way to recovery, cashless payments in stores and online have become part of merchants' and consumers' arsenal to protect themselves and mitigate the spread of the virus causing COVID-19. PayMaya is leading the way toward massive adoption of cashless payments through its end-to-end digital financial services that are enabling consumers, merchants, enterprises, and government units nationwide. (Photo courtesy of Xavier Gonzalez Solis)

PayMaya's platforms  

The government has also tapped PayMaya to help disburse financial aid through the various programs of the government, with over P4.5 billion in aid disbursed to PayMaya accounts of several beneficiaries nationwide.

These measures include the Social Amelioration Program under the Bayanihan to Heal as One Act through the Department of Social Welfare and Development (DSWD) and the Small Business Wage Subsidy Program of the Social Security System (SSS), as well as loan programs launched by the Department of Trade and Industry (DTI) and the Department of Agriculture (DA).

At the start of the quarantine in March, the cities of Manila and Caloocan have also begun disbursing allowances and aid to their respective constituents to aid those affected by the lockdowns. Since then, the cities of Mandaluyong, Quezon City, Las Piñas and Pasig have followed suit and disbursed proceeds of their various aid programs to PayMaya accounts of residents.  

Manila residents can go cashless using PayMaya QR at vendor stalls located near the Manila City Hall and in Divisoria. This cashless initiative lead by the Manila City government eliminates the need to hand out cash to vendors and prevent the spread of the COVID-19 virus, and promote public safety on the streets. 

“Now that many Filipinos have their PayMaya accounts, cashless payment technologies have become an essential part of the government’s arsenal toward economic recovery and building the better normal in the next few years,” Baidwan said. 

Aside from receiving government aid via their accounts, consumers can also safely and seamlessly transact with the government by paying their fees and dues to the Bureau of Internal Revenue (BIR), SSS, PAG-IBIG Fund, Philippine Statistics Authority, Department of Foreign Affairs, Land Transportation Office, Professional Regulation Commission, Bureau of Customs, and DTI, among others, using their PayMaya app.  

To date, over 60 government units both at the national and local levels have tapped PayMaya as their partner of choice in offering cashless payments via their online and branch channels. The growth of PayMaya’s volume related to government payment acceptance is projected to reach 1,200-percent growth by year-end as compared to 2019. 

Merchants, businesses accelerate pivot to digital and cashless  

Businesses of all kinds can also settle their permits, social security contributions, and tax dues as agencies such as the BIR, Securities and Exchange Commission (SEC), DTI, SSS, and PAG-IBIG Fund are now offering cashless payment options via card and PayMaya through their respective online and branch channels.  

Merchants using various PayMaya digital payment acceptance solutions increased by over 1,500-percent year-on-year in November, signifying an exponential shift in the way merchants are conducting their business amid the pandemic. 

Apps such as PayMaya Negosyo and tools such as Payment Links, Digital QR, as well as the PayMaya Checkout payment gateway allow these businesses—mostly micro, small, and medium-sized enterprises (MSMEs)—to quickly offer cashless payment acceptance and even generate new income streams from services such as bills payment and mobile prepaid reloading.  

Meanwhile, large enterprises have accelerated their adoption of cashless payments acceptance using PayMaya QR and the PayMaya One terminal in support of the “Ingat-Angat Tayong Lahat” campaign to inspire consumer confidence and safely reopen the economy.  

“Our broadest range of relevant digital payment solutions for businesses of all sizes, coupled with fast and seamless onboarding, means it’s easier than ever for businesses to accept cashless payments within minutes,” Baidwan added. 

To know more about PayMaya's products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.

Editor’s Note: This article was provided by PayMaya.