Philippine Telegraph and Telephone Corp. has teamed up with Paynamics, a global payment solutions provider, to offer secure and efficient electronic payment solutions for both large and small and medium enterprises.
PT&T’s partnership with Paynamics is in line with a strategy to become a digital services provider.
“This is a major step as we increase PT&T’s presence in the digital footprint of Filipinos,” PT&T president and chief executive James Velasquez said.
“With more than 30 years of experience in the payments industry, the partnership with Paynamics is one of the ways we fulfill our mission of enriching the lives of Filipinos,” he added.
The partnership is expected to deliver solutions catering to both large enterprises and MSMEs.
The highly flexible and scalable technology of Paynamics coupled with PT&T’s fiber connectivity will change the way Filipinos do online transactions.
“We are highly confident in the strategic vision of the newPT&T management. We are excited to bring our payment solutions to more Filipino business organizations through PT&T’s 100 percent fiber network,” Paynamics chairman and founder Ronald Magleo said.
PT&T’s 10,000 kilometers of 100 percent fiber allows seamless connectivity while Paynamics has an extensive payment processing network that offers multi-channel pay-in and pay-out options.
PT&T earlier reported a P25-million net income in year ending June 2018, up 193 percent from a year ago.
The company’s revenues amounted to P201 million, up 62 percent from last year’s P124 million.
PT&T attributed the increase in revenues to the rise in the number of clients and lower expenses since new management came in August 2017.
The company’s client base jumped 72.6 percent from a year ago.