The president of PayMaya Philippines urged stakeholders to build closer links between consumers, businesses and the government to help boost the share of digital transactions in the country.
Shailesh Baidwan, president of PayMaya Philippines, said this would involve building “robust and interconnected” payment ecosystems, which he described as crucial components of the Bangko Sentral ng Pilipinas’ goal to raise the value of digital payments to 30 percent within this year.
“The digital transaction goal set forth by the Bangko Sentral ng Pilipinas by 2020 is achievable,’ Baidwan said.
He cited the steps such as relevant consumer services and incentives, online and offline universal payment acceptance solutions for merchants and government agencies and targeting underserved segments.
“The digital payments experience has to be better than cash. On top of relevant features, security, and convenience, consumers are also experiencing firsthand a more rewarding experience with PayMaya through the numerous incentives such as PayMaya Preferred partner discounts and cashback promos,” Baidwan said.
PayMaya offers cashback rewards from P10 to as much as P500 per transaction. It also introduced features on its app such as adding money via credit or debit cards, bank transfers to Instapay-enabled banks, lifestyle vouchers, as well as the first e-Money integration of BSP’s national QR code standard, QR Ph, for receiving money from participating financial institutions. PayMaya’s partners include the largest players in the quick-service restaurant, retail, pharmacy, transportation, and hospitality industries, as well as major government agencies.
“This year is a turning point for digital payments in the Philippines. As we all work toward achieving the country’s digital transaction goal, PayMaya is at the forefront of this transformation,” Baidwan said.
PayMaya, one of the country’s largest digital wallet services, is owned by Voyager Innovations, whose shareholders include PLDT Inc., China’s Tencent, investment firm KKR and the World Bank’s IFC and the IFC Emerging Asia Fund.