‘30% target for cashless transactions achievable’

A robust and interconnected payment ecosystem is necessary to attain the government’s target of 30 percent cashless transactions or electronic payment ratio in the country, according to digital payments firm PayMaya Philippines Inc.

“The digital transaction goal of 30 percent set forth by the Bangko Sentral ng Pilipinas (BSP) for this year is achievable,” PayMaya Philippines president Shailesh Baidwan said.

However, to achieve this goal, Baidwan said “it is not enough to roll out stand-alone services. It is necessary to build a stronger payment ecosystem that connect consumers, enterprises and government.” Baidwan said a stronger payment ecosystem entails the creation of the right mix of relevant consumer services and incentives, universal payment acceptance solutions for merchants and government agencies, as well as bridging the underserved market to the digital economy through pervasive on ground presence.

The BSP has raised its 2020 target for cashless transactions or electronic payment ratio to 30 percent from the original target of 20 percent as the government beefs up efforts to promote digital finance to more Filipinos.

The latest data released by the BSP from the study conducted by the United Nations-based Better Than Cash Alliance showed encouraging signs of growth for digital payments in the Philippines.

Digital transactions comprise 20 percent in terms of value and 10 percent in terms of volume of all transactions in the country as of 2018, from just 10 percent and one percent, respectively, in 2013.

“This year is a turning point for digital payments in the Philippines. As we all work toward achieving the country’s digital transaction goal, PayMaya is at the forefront of this transformation,” Baidwan said.

PayMaya, the financial technology arm of PLDT’s Voyager Innovations, has been proving that digital payments experience is better than cash by offering more convenience and better rewards.

Every time PayMaya account holders buy load, pay bills, pay online or in stores, or send money to friends and family, they receive incentives in the form of cashback rewards that can range from as little as P10 to as much as P500 per transaction.

To further enhance the digital payments proposition, PayMaya also introduced breakthrough features in its app 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 national QR code standard, 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 universal digital payment solutions that allow them to accept all forms of payment in their branches or online.