Newly accredited online payment system provider Paynamics Technologies Inc. looks to position itself as a preferred partner of the country’s micro small and medium enterprises (MSME) as it taps into the potential of the industry in the country.
Paynamics in June received its e-money license from the Bangko Sentral ng Pilipinas (BSP), allowing the company to serve as a non-bank institution e-money business.
Ronald Gerald Magleo, Paynamics chairman, said the company targets to register over 100,000 merchants with Paynamics Biz over the next three years and 315,000 in five years.
Paynamics expects to generate 100,000 transactions per day by 2021 and by eight times bigger by 2025, according to Mylene Magleo, Paynamics president.
With Paynamics Biz, MSMEs will have a “fully-featured small business wallet” that allow businesses to accept payments from various methods — both online and offline.
Paynamics Biz currently offers two types of digital payment services depending on the SMEs’ needs: Pay via Link, which targets merchants that sell through digital channels such as Facebook, Instagram, or freelancers, consultants, or professionals who need to collect payments through email or messaging platforms; and All-in-One QR Code for merchants with physical stores such as restaurant owners, food stalls, courier services, taxi franchisers, charity organizations, event organizers, and accommodations, among others.
Paynamics was developed by Paynamics Technologies in partnership withpublicly listed Japanese e-commerce operator Beenos Inc., and Expresspay Inc., a fintech aggregator in the Philippines operating since 2011.
Esther Magleo, Paynamics chief finance officer, meanwhile said the company is looking to spend another $12.5 million to further expand the company’s business.
The company is currently looking at potential investors to bankroll its expansion. Paynamics has an authorized capital of P200 million, of which P100 million is paid-up.
Aside from the e-money license, Paynamics also holds a BSP license as a remittance agent for its mass payout product.