Cashless payment adoption accelerates

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Mobile payment providers PayMaya Philippines and GCash are expected to each achieve their one trillion annual transaction volume ahead of projections as the government mandates the shift to contactless payment to help prevent the coronavirus disease from spreading.

PayMaya, a digital payment unit of PLDT Inc., said it has seen consistent and solid growth over the years, and this has accelerated tremendously since quarantine measures started last March.

It added that it will achieve the one trillion annual transaction volume ahead of the 2023 target.

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In a virtual press briefing yesterday, PayMaya announced it has added the Land Transportation Office, Securities and Exchange Commission, City of Taguig, Intellectual Property Office of the Philippines and the Optical Media Board to its growing list of partners that will be accepting cashless payments.

These are on top of the more than 50 government agencies and local government units (LGU) accepting card and e-wallet payments for various transactions, such as the Bureau of Internal Revenue, Social Security System, Pag-IBIG Fund, Bureau of Customs, Department of Foreign Affairs and the Department of Trade and Industry, among others.

In June, PayMaya reported a 900 percent year-on-year increase on payments to government as it onboarded more agency and LGU partners and actively encouraged the use of cashless payments for paying government fees.

Globe Telecom Inc.’s mobile wallet service, GCash, expects to handle at least P1 trillion in transactions by the end of 2020.

GCash recorded an increase in volume of transactions in the past few months, driven by use cases such as Save Money, bank cash-in, peer-to-peer transfers, bank transfer and online payments.

GCash has expanded its user community in a matter of months. Businesses of all sizes from big companies to microenterprises have set up their own accounts with GCash to reach a broader market.

GCash has also been the chosen platform for nume rous donation drives and philanthropic ventures. Social media communities have used their mobile wallets to help students earn money for materials for online learning or to deliver relief to jeepney drivers who lost their means of livelihood, among others.

Different government agencies for the distribution of the Social Amelioration Program cash assistance to beneficiaries affected by the coronavirus pandemic.

National agencies like the Department for Social Welfare and Development and the Land Transportation Franchising and Regulatory Board as well as LGUs such as Makati and Quezon City have tapped GCash for a more efficient distribution of financial aid.

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