Financial technology (fintech) player PayMaya Philippines has launched a mobile application that allows merchants to tap the digital financial platform’s payments services in just one to two days.
Called PayMaya Negosyo, the Android mobile app essentially provides merchants of varying sizes—from micro to medium enterprises—a means to use the fintech player for its digital payments gateway, which will be part of the “new normal.”
Interested merchants only need to sign up through the app using their mobile number, upload one valid government ID as well as a video selfie for liveliness check, and wait 24 to 48 hours for their application to be reviewed and approved so they can start accepting digital payments right away.
PayMaya President Shailesh Baidwan said merchants who successfully onboard PayMaya as a payment gateway may start accepting QR and other forms of digital payments using their smartphones. This technology also does not require merchants to have an e-commerce web site.
“As more consumers begin to prefer shopping online and paying using contactless methods, PayMaya Negosyo will give our MSMEs [micro, small and medium enterprises] the easiest and fastest way to accept digital payments from across a variety of sources–all they need now is their smartphone and a valid ID,” he said.
Baidwan explained that online purchases “will become part of the norm” in the next months, given the physical distancing requirements set to stop the spread of the coronavirus disease 2019.
PayMaya Negosyo wallets have a monthly limit of P250,000, more than double than the regular PayMaya e-wallets that have a monthly limit of P100,000 for upgraded users.
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