FINANCIAL technology (fintech) player PayMaya has enabled 28 million users with digital finance tools that create a “more inclusive and accessible cashless ecosystem” in the Philippines.
PayMaya President Shailesh Baidwan said the figure represents how PayMaya has been “leading” the way to a “cashless Philippines” in 2020 and beyond.
“No other fintech company has built this inclusive ecosystem of products, services, and touchpoints that reach a vast majority of Filipinos nationwide. We have made it so easy for ordinary consumers to get a financial account and for merchants to accept a wide range of cashless payments, including PayMaya,” he said.
Baidwan added that PayMaya now has over 200,000 touch points nationwide, including a network of 33,000 agents that process transactions such as remittances, bills payments, mobile prepaid loading, and even QR payments.
“This radical shift to cashless for the Philippines will only continue accelerating in 2021 as we offer more services and forge more enterprise partnerships that are relevant for many consumers,” he said.
PayMaya transactions have “consistently” surged thrice throughout 2020, better than the 25-percent improvement registered globally, based on research conducted by Google and Temasek. PayMaya enables Filipino consumers to send money, buy airtime credits, pay bills, and transact with merchants and governments, among others. It also enables both merchants and government institutions to bring their services closer to their customers in trough digital finance. Baidwan said his group’s efforts to promote fintech in the country support the goal of the Bangko Sentral ng Pilipinas to increase the share of digital payments to 50 percent of all retail transactions and expand financial inclusion to 70 percent of Filipino adults by 2023, as part of its recently released Digital Payments Transformation Roadmap 2020-2023.