PayMaya’s fintech innovations boost e-Commerce transactions
Written by: Vaughn Alviar
More consumers are shopping online, especially for safety and convenience amid the COVID-19 pandemic. For many businesses accelerating their digital transformation to ride this wave, embracing e-commerce is the way forward under the “new normal”.
Helping these enterprises transform is PayMaya, the only fintech in the country providing digital payments solutions that can easily integrate to various e-commerce channels – be it via their website, app, or social media, as well as on-ground.
Currently the largest digital payments processor for key industries in the country, PayMaya’s partners include leading “everyday” merchants in retail, food, and government. It is powering titans like Jollibee, McDonald’s, Mercury Drug, Landers, AllDay, National Bookstore, to name a few, with its digital payment options.
But its benefit extends beyond big and established businesses. All enterprises that come onboard – including micro, small and medium enterprises and casual sellers – are provided with the means to accept all kinds of digital payments in their online and physical retail channels.
“PayMaya is not just a popular mobile wallet for consumers. Most importantly, it completes the digital loop by enabling the merchants to accept all kinds of digital payments, including mobile wallets as well credit cards and debit cards,” said PayMaya CEO and founder Orlando Vea.
Consumers are driving e-commerce
In 2020, according to data derived from reports from Google, Temasek, Bain & Company, Euromonitor, and PayMaya, over 50 percent of the online shopping transaction value in the country was already through digital payments. During the Department of Trade and Industry e-Commerce Philippines 2022 Roadmap launch last February, Vea observed that “there is no turning back now when it comes to digital payments and e-commerce in the Philippines.”
Fintechs like PayMaya have generated major tailwinds for e-commerce in the Philippines in its mission to provide safer, more convenient, and rewarding digital payment solutions to its users.
Among the drivers for e-commerce growth is the growing adoption of e-wallets that make online transactions easier.
For example, PayMaya users can simply key in the mobile number linked to their account when paying online. They can also use their virtual card or physical card, and they can also scan to pay via PayMaya QR.
Most recently, PayMaya introduced PayMaya Mall, an embedded e-commerce feature in its app to make its enterprise partners more accessible to consumers.
PayMaya Mall is the first embedded commerce feature offered by an e-wallet. It features over 350 brands in food, groceries, beauty, fashion, and many more – the widest range offered by an e-wallet to date. Akin to browsing options in a brick-and-mortar store without the hassle, mobile shoppers can check out and buy from trusted brands just by using the app.
The digital mall keeps the excitement up by adding more to its product selection and launching promos daily. Customers can avail of up to 100-percent cashback, outright discounts, freebies, and free delivery when using their PayMaya-linked mobile number to pay.
“Mall shopping is so ingrained in Filipino popular culture, and the COVID-19 pandemic has drastically affected not just consumers but also the growth of retail merchants. With the PayMaya Mall feature embedded in our app, we aim to reinforce our commitment to boost e-commerce and digital payments in the Philippines, supported by the full force and strength of our unique ecosystem,” said Shailesh Baidwan, President of PayMaya.
Bringing e-commerce to businesses of all sizes
With consumers more comfortable shopping online and using digital payments, merchants are also going digital and equipping themselves with cashless payments acceptance.
Today, online entrepreneurs are using social platforms and messaging apps for their businesses. Digital payments have made embedded commerce possible, with PayMaya enabling merchants such as social sellers to get paid in an instant through PayMaya QR and payment links sent in social platforms and messaging apps like Viber, email, or even SMS.
More established businesses, meanwhile, are utilizing PayMaya Checkout for their e-Commerce sites and apps. Through the payment gateway, their customers can pay via any credit, debit, prepaid card, or e-wallet.
All these fintech innovations are spurring e-commerce, a significant development as the country recovers from the effects of the COVID-19 pandemic. Ultimately, Filipino consumers and businesses will reap the full benefits of this digital transformation.
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