PayMaya opens gateway to financial inclusion
MILLENNIALS hold the key to the future. According to projected 2015 data gathered by the Philippine Statistics Authority (PSA), in the next decade, Filipino millennials aged 15 to 35 would be the largest living generation. Their sheer numbers and lifestyle will shape the country’s socio-economic and cultural development. Empowered by modern technology to make life easier and more convenient, millennials are increasingly turning to electronic money when it comes to purchasing goods, paying bills and other financial transactions. Modern innovations like contactless and mobile payments make handling cash seem like a chore when compared to the speed, simplicity and convenience of swiping and tapping a card or using an app. Advantages of going cashless
One such pioneering innovation in digital financial services is PayMaya, a free app that acts like a virtual wallet, which can be used to shop online, book flights, and more, even without a credit card. Just download the app, load up and shop. It works like a prepaid card on your phone or a reloadable credit card that can be topped up. Smart subscribers get a Mastercard while Visa for Globe subscribers. PayMaya can be loaded with cash at convenience stores like 7-Eleven, Smart Padala centers, Palawan Pawnshops, Robinsons Business Centers, SM Business Services and other locations. PayMaya is an affiliate electronic money issuer (EMI) of BancNet.
A PayMaya physical card is also available for P150 and can be used both for in-store purchases here and abroad or online transactions. PayMaya Philippines marketing and brand head Sharon Kayanan explains how the millennial market force is adapting and reshaping the market landscape of an increasingly digital economy.
“PayMaya is the first app-based virtual card that can be like an electronic wallet that is both virtual and prepaid. It gives you a 16-digit number like credit and debit cards. Since it is powered by both Visa and Mastercard, PayMaya is recognized in stores and online shops that accept card payments. You can load it through our partner retail outlets, or with bank fund transfers. There is also a physical card that retails for P150, which can be used to provide access for the underserved and unbanked sectors of society,” Kayanan discusses.
Secured transactions, monitored spending
Available in both app and card formats, PayMaya can be used to shop for clothes and gadgets online, buy games and apps on app stores, book flights and accommodations, buy movie or concert tickets online, purchase gaming credits and in-game items, get the best discounts at deal sites, pay utility bills and government contributions, or get Visa- and Mastercardexclusive deals and benefits like restaurant discounts and pre-sale shows. As an added feature, upgraded PayMaya accounts can also be used to send or receive money, and can even be used to withdraw from BancNet ATMs using the card. Upgrades are free.
As a secure payment gateway, PayMaya is monitored by the Bangko Sentral ng Pilipinas (BSP). For better security, PayMaya cards are enabled with an EMV (Europay, MasterCard and Visa) chip technology that provides a more secure alternative to traditional magnetic stripe payment cards. “PayMaya is powered by unique security features such as realtime SMS notification and inapp transaction history which are available to the user for every transaction and purchase made through the PayMaya app or card — where you purchased, how much it cost, and your available balance. You will know right away if there is any illegitimate activity on your account,” Kayanan shares.
PayMaya School IDs: financial inclusion for the young
To boost financial inclusion of children and young people through the school system, PayMaya introduces the PayMaya School ID — the first of its kind in the country. PayMaya works with schools to modernize student IDs that double as prepaid payment cards. With this, students can receive their allowance from their parents, learn about financial concepts, engage in entrepreneurship, and access efficient transport, content and e-commerce. For parents, PayMaya School IDs can be used as attendance monitoring tool since an SMS notification is sent every time students tap their PayMaya School ID at the gates to enter or exit school premises. It can also be used to track their child’s expenses in and out of campus.
“Right now, we have a number of academic institutions using PayMaya school IDs including: STI, Espiritu Santo Parochial School, Manila Cathedral School, St. Joseph Parochial School, Holy Child Catholic School, San Rafael Parochial School, Heaven Montessori School and more are bound to follow soon. The strategy revolves around creating cashless ecosystems which entails providing acceptance not only within the school premises but to the surrounding stores outside the campus such as photocopy stores, school supplies outlets, bookstores, and novelty shops,” Kayanan concludes.
For more information and inquiries about PayMaya and its related services, call (+632) 845-77-88/Toll free: 1800-1084-57788, visit the website www.paymaya.com or email support@paymaya.com.