Financial technology (fintech) player PayMaya said on Tuesday that the unique merchants it onboarded in September ballooned by over 1,400 percent annually, as contactless payments become the norm due to the pandemic.
In a statement, the company said the growth signifies “an exponential increase in preference of merchants to deploy cashless payment technologies.” Sought for further details, the company refused to disclose absolute numbers.
Meanwhile, cashless payment volume processed by PayMaya in retail establishments across the country also grew threefold in September versus the same period last year, as “retail merchants…have seen increasing preference for contactless payments over the past few months.”
“Cashless and contactless payment and money transfer technologies are now part of the world’s arsenal against the virus. These touch-free digital solutions are saving lives, making commerce flow and bringing the economy get back to health. PayMaya is fully committed to providing every Filipino with a financial account they can safely and efficiently use to pay or receive money, especially during this critical time,” said PayMaya CEO Orlando Vea.
Merchants that use PayMaya’s cashless solutions include Megaworld, McDonald’s Philippines, Jollibee Foods Corp., Goldilocks, Unilever, Petron, Shell, Robinsons Malls, SM Supermalls, Smart Communications, Angkas, and foodpanda, among others.
Aside from providing up to P60-million worth of support through digital solutions, mentoring, and incentives to merchants, PayMaya is also providing consumers with a cash back promo to encourage them to use their digital wallets.
PayMaya offers various digital financial solutions and services such as e-wallets, digital and physical payments, money transfers, and loans, among others.