Virus helped fuel Pinoys’cashless adoption – PayMaya

THE coronavirus disease 2019 (Covid19) pandemic created a “snowball” effect that would further support the adoption of cashless transactions in the country in the long term, according to a top PayMaya official.

During The Manila Times “Road to Recovery: Turning the Crisis into Opportunities” online forum on Monday, PayMaya Chief Operating Officer Paolo Azzola said that while the public health crisis forced Filipinos to go cashless more, resorting to digital payments would become a “habit” in the long run.

“The number of people across all segments of the population, in all parts of the country, that are adapting to cashless [ transactions] are growing faster than ever before. The services being used by customers who are signing up [ for them are] also growing like never before,” he added.

According to him, cash- heavy sectors have started embracing the cashless world amid the government’s strict implementation of physical distancing measures aimed at blunting Covid- 19’s impact on the population.

Sectors like retail, pharmaceutical, hospitality, food and drink, transport and logistics, and e- commerce have been leading the shift, he said.

Not only are large corporations adopting cashless transactions, but also small businesses, Pazzola noted.

PayMaya alone has seen the number of its transactions “more than double” as more users register, according to the official.

The government has been a “strong driving force” in this regard, thanks to its order to utilize digital means for

PayMaya Chief Operating Officer Paolo Azzola during

The Manila Times ‘ Road to Recovery: Turning the Crisis into Opportunities’ online forum on Monday. payments, Azzola said.

For instance, the Department of Transportation has mandated the implementation of cashless payments of fares in public utility vehicles after lockdowns were eased.

The Duterte administration’s push to implement the national ID system would also spur financial inclusion in the country, Azzola said.

He also said PayMaya — the mobile wallet of PLDT Inc.’s financial technology arm Voyager Innovations Inc. — has so far disbursed more than P1.4 billion in financial aid from government agencies, including local government units.

Monday’s online forum is the second organized by The Times since the government put Metro Manila and other areas of the country under community quarantine to contain the spread of Covid- 19. The first, “Business as Usual Under the New Formal,” was held on May 28.

The forum’s co- presenters are BDO Unibank Inc., BPI, BPI Philam and San Miguel Corp. SM Investments Corp. is the sponsor. Special partners are the Cagayan Economic Zone Authority, Entrego, Maybank and PayMaya.