DTI taps PayMaya for new online business registration system
The Department of Trade and Industry (DTI) has tapped digital financial services leader PayMaya to enable business name registration applicants to pay using various payment options online.
Launched along with DTI’s new Business Name Registration System (BNRS), the digital payment options provided by PayMaya aim to make the process of business name registration and renewals more convenient for the public.
“Long queues, inefficient and slow services in government will soon be a thing of the past. Our agreement with ePayment platforms completes our Business name registration system as we are now able to provide our Citizens the convenience of having to transact with DTI through their mobile phones at the comfort of their homes, or wherever they are, 24/7," said DTI Secretary Ramon Lopez.
Lopez said DTI is a proponent of Ease of Doing Business and is at the forefront of government efforts to provide a responsive and client-friendly services to the public.
“The government's current thrust to make its services public-friendly is a giant step towards global competitiveness and of course a happy citizenry. We are proud to be part of this transformation to e-government, enabling both sides – the citizens and the government," said PayMaya Founder and CEO Orlando B. Vea.
PayMaya is providing its unique universal payments platform to DTI to accept all forms of non-cash payments. For online payments, the BNRS site is now powered by the PayMaya Checkout payment gateway, allowing DTI to accept any Visa, Mastercard, and JCB credit, debit, and prepaid card payments for business registration fees.
For those without a payment card, they can sign up for a PayMaya account by downloading the PayMaya app on their iOS or Android devices and use the mobile number associated with their account when they pay via the BNRS.
The initiative is a direct response to President Rodrigo Duterte’s mandate to reduce government inefficiencies and employ digital technologies to make the process of doing business in the country simpler and easier for all, in support of RA 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, which he signed last year.
By offering digital payments for business registration, prospective entrepreneurs no longer have to face long queues or suffer delays in processing their registration, which could impact on the growth of their business and the economy as a whole.
The DTI is just the latest in PayMaya’s efforts to help streamline government payments for all Filipinos by offering alternative payment methods that are more convenient to citizens.
At the same time, digitizing and automating payment collection for government agencies means they are able to provide better public service to their respective constituents.
This is in line with the Bangko Sentral ng Pilipinas’ goal of increasing digital transactions in the country to 20 percent by 2020 under the National Retail Payment System (NRPS).
PayMaya is the only FinTech company in the Philippines offering integrated consumer and merchant payment solutions. It is the first to give millions of Filipinos an e-wallet that allows cashless transactions at any time of the day, anywhere in the world, and from any device. For the merchant, PayMaya's universal payments platform enables them to accept all payment options, including credit, debit, prepaid cards and mobile wallets.
PayMaya is the financial technology arm of Voyager Innovations, the leading technology company in the country backed by PLDT, KKR, Tencent, World Bank’s IFC and the IFC Emerging Asia Fund.
Its universal payments platform enables the country’s top eCommerce sites, major retail and quick-service restaurants, government institutions, as well as MSME to accept multiple kinds of cashless payments.