Digital financial services provider PayMaya believes the Central Bank’s goal to raise the share of digital payments value to 30 percent this year “is achievable” by building stronger payment ecosystems.
“To ensure this accelerated growth, it is not enough to roll out standalone services. Building stronger payment ecosystems that connect consumers, enterprises, and government is necessary,” said PayMaya Philippines president Shailesh Baidwan.
He added, “This entails establishing the right mix of relevant consumer services and incentives, offering universal payment acceptance solutions for merchants and government agencies—both online and offline, as well as bridging the underserved market to the digital economy through pervasive on ground presence.”
To encourage more consumers to use digital payments, PayMaya offers a number of incentives such as discounts and cashbacks. Under its “Don’t Pay Cash. PayMaya!” campaign launched in 2019, account holders who buy load, pay bills, pay online or in stores, or send money to friends and family, receive incentives in the form of cashback rewards that can range from P10 to P500 per transaction.
To further enhance the digital payments proposition, the company introduced features such as adding money via credit or debit cards, bank transfers to Instapay-enabled banks, lifestyle vouchers, as well as the first e-Money integration of BSP’s QR Ph, for receiving money from participating financial institutions.
PayMaya has also partnered with the largest players in the quick-service restaurant, retail, pharmacy, transportation, and hospitality industries, as well as major government agencies to equip them with seamless, universal digital payment solutions that allow them to accept all forms of payment in their branches (One by PayMaya point-of-sale terminals) or online (PayMaya Checkout).
To ensure that no one is left behind, PayMaya’s on ground presence through its Smart Padala agent network, with over 27,000 partner agents nationwide, is bridging the underserved and unbanked to the digital economy.
The latest data released by the BSP from the study conducted by the United Nations-based Better Than Cash Alliance showed digital transactions now comprise 20 percent in terms of value and 10 percent in terms of volume of all transactions in the country as of 2018.
“This year is a turning point for digital payments in the Philippines. As we all work towards achieving the country’s digital transaction goal, PayMaya is at the forefront of this transformation,” enthused Baidwan.
