Philippines is focused on local market profitability which it expects to achieve in the next two to three years.
Prior to the pandemic, PayMaya had plans to expand its business in Asia- Pacific but for now, Manuel Pangilinan, PLDT chairman, president and chief executive officer (CEO), said at a recent virtual briefing the strategy is to concentrate on local market profitability by 2024 or even earlier.
Pangilinan said this would be achieved “if they (PayMaya) accomplished P1 trillion of gross transaction value on both sides – merchant and consumer,” adding the company would then be closer to positive earnings before interest, tax, depreciation and amortization by 2023 or even earlier.
“There’s no assumption now that we will go outside the Philippines at this stage,” Pangilinan said.
Orlando Vea, PayMaya founder and CEO, said PayMaya is on track to hit over P1 trillion worth of transactions this year.
“PayMaya processed P700 billion worth of transactions in 2020 and the company is on track to more than double that in 2021,” Vea said.
PayMaya said its end-to-end digital payments ecosystem now has 35 million registered users, about a third of the Philippine population, enabled by its consumer platforms. – Myla Iglesias
