Financial technology (fintech) player PayMaya on Sunday said it has helped streamline the services of over 50 government agencies by providing them with digital transaction capabilities.
PayMaya CEO Orlando B. Vea said the volume of government transactions surged by 900 percent year-on-year between June 2019 and June 2020. He said this indicates “the government’s heightened efforts to encourage digital payments for fees and services by accepting debit, credit, and e-wallet payments through their online portals or branch offices.”
“In the span of one year, government agencies have stepped up their efforts in digitalizing their processes and enabling Filipinos to transact with them online. Because of this, many agencies have been able to continue offering relevant services despite the current crisis.”
During his recent State of the Nation Address, President Duterte mentioned that he is pushing for more digital government transactions to bring government services closer to Filipinos, especially at the time of the so-called new normal.
To date, PayMaya has already forged partnerships with the Social Security System, Bureau of Internal Revenue, Home Development Mutual Fund or PAG-IBIG, Department of Trade and Industry, Department of Foreign Affairs, Department of Science and Technology, Bureau of Customs, Bureau of the Treasury through the Bonds.ph platform, the Department of Agriculture’s Agricultural Credit Policy Council, Professional Regulation Commission, Tourism Infrastructure and Enterprise Zone Authority, and National Home Mortgage Finance Corp., among many others.
“We likewise support the President’s call for the passage of an ‘Internet Transactions Act’ that will help build trust and confidence of Filipinos as they transact online, whether it’s for government or other purposes,” Vea added.
He noted that the company is “ready to enable more government agencies, institutions, and even local government units with cashless payments acceptance and digital disbursements that will benefit a lot of Filipinos nationwide.”
PayMaya recently introduced the LGUs Embracing and Accelerating Digitalization (LEAD) program that will help local government units offer digital transactions for their constituents.
So far, PayMaya has enabled digital disbursements for the cities of Manila, Mandaluyong, Caloocan, Pasig, and Quezon City, particularly in delivering financial aid to those who were affected by the pandemic.