The financial technology (fintech) arm of PLDT Inc. is rolling out cashless solutions for students and staff at the University of the Philippines.
PLDT’s Voyager Innovations will launch in August PayMaya-powered IDs, which will provide users another avenue to tap a host of electronic payment solutions. The rollout will start in UP Dilliman in Quezon City while other UP campuses are expected to follow suit.
The company is betting that combining IDs with PayMaya’s features will accelerate the use of digital payments, a vast but largely untapped opportunity for fintech companies.
“We are excited for UP students to experience the myriad of benefits that come with their new UP ID. As future leaders of the country, our students must be equipped with relevant technologies to make their campus life more productive and enjoyable,” Orlando Vea, founder and CEO at PayMaya Philippines, said in a statement.
Aside from providing members of the UP community with IDs that can be linked to a financial account, PayMaya will also be equipping merchants and businesses in UP campuses with QR and point of sale technology.
PayMaya has been accelerating its rollout since the entry of new investors such as China’s Tencent Holdings, investment fund KKR and International Finance Corp. in 2018.
“As the top educational institution in the country today, UP will lead the way toward a tech-enabled university of the future, and we thank our partners at PayMaya for helping us achieve this objective,” Danilo Concepcion, president of UP, said in the same statement.
PayMaya is the only digital financial services provider offering ID and payment card features.
The new UP IDs will also come equipped with radio frequency identification/near field communication technology. This will allow easier access to UP’s various facilities and services, as well as for timekeeping.
Users of the ID can also link up to a PayMaya account, allowing them to tap money transfer options, pay bills and shop online.