FINANCIAL technology (fintech) player PayMaya should have a user base as big as its largest competitor GCash “very soon,” according to a ranking officer.
Without disclosing actual figures, PayMaya Philippines Inc. President Shailesh Baidwan said his group should reach the 20-million mark in the near term, given the ubiquity of its mobile wallet.
“We should reach that very soon. Because we have customers who use our wallet, as you know. We also have Smart Padala. So people who don’t have a wallet can also go to our negosyo, do remittances, do bills payment, transfer money, buy load. All those things that you can do with our own app,” he said.
Baidwan noted, however, that his group would like to focus more on frequency of usage rather than customer acquisition.
“For us we want our wallet to be used for what our customers need to do—whether they need to pay the electricity, pay the water bill, send money to each other, they want to buy online in Lazada…and other payments,” he said.
Currently, the PayMaya app affords users a digital wallet equipped with a digital prepaid card that they can use to pay for utility bills, credit-card bills, government services, and for other online transactions. They may also use their digital wallets for remittance, and use their physical cards for offline retail transactions.
PayMaya aims to reach the P1 trillion volume mark by 2023, the same year when it targets to have a customer base of 40 million users.