PayMaya penetrates more market

Digital financial services firm PayMaya has penetrated more sectors as the need for cashless payments soared to new heights due to the COVID-19 pandemic.

“Now, not only did we deepen our relationship with enterprises, but we’ve also gotten into new areas, very interesting areas like health, telemedicine, education,” PayMaya founder and CEO Orlando Vea said.

With cashless now part of the ‘’new normal,’’ Vea said PayMaya is now processing payments for more than 40 schools, as well as 40 religious groups.

“We’re also enabling religious organizations. Through us, religious organizations can now process their collections from members’ contributions. We have more than 40 religious groups that are able to continue their operations, financial side, through PayMaya,” he said.

Over 50 government agencies and local governments have also partnered with PayMaya to serve the public in various ways, particularly to safely and efficiently process transactions online by being able to accept cashless payments.

In the first half, the payment volumes of PayMaya grew significantly across its consumer, enterprise and Smart Padala businesses as more Filipinos made use of cashless payments during the lockdown.

PayMaya Enterprise more than doubled its transaction volumes as businesses like pharmaceuticals, groceries, food establishments and retail stores saw more of their customers go online or pay cashless.

“Our volume on consumers, on the app, grew by more than 3.5 times, money movement five times, purchase of digital goods more than 2.5 times, bills payment more than three times, government transactions more than 10 times,” Vea said.

“It has validated PayMaya’s strategy of being an end to end fintech player. We’re not just a wallet. We enable merchants to process non-cash payments,” he said.

PayMaya, the digital financial services arm of PLDT’s Voyager Innovations, is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, and government.