Fintech’s transaction volume to hit P1T in next 3 years

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    PayMaya is widely recognized as an e-wallet by 36 percent of Filipino adults, according to the 2017 Bangko Sentral ng Pilipinas survey.
    PayMaya is widely recognized as an e-wallet by 36 percent of Filipino adults, according to the 2017 Bangko Sentral ng Pilipinas survey.

    Digital financial service provider PayMaya Philippines is targeting to hit a trillion pesos in transaction volume annually by 2022, driven by the consumer and enterprise business clients’ increasing usage of the platform.

    PayMaya is focused on growing the volume of transactions rather than the number of users. Currently, it generates several billion pesos of transactions yearly.

    “We are focusing really on how much volume the company drives because users are very important for us but most important is how much they use our platform. So we’re looking at numbers in similar timeframe of a trillion pesos to be processed every single year (by 2022). That’s something that we’re looking forward to,” said Paolo Azzola, PayMaya chief operating officer and managing director.

    The consumer clients are driving the growth trajectory.

    “The fact that a very large focus on our consumer business, of course, allowing people to send money, pay bills, buy airtime load, buy online and face to face also, and all of that drives the consumer volume. At the same time, we’re very focused in providing enterprises the top payment solution in the country,” Azzola said.

    PayMaya is widely recognized as an e-wallet by 36 percent of Filipino adults, according to the 2017 Bangko Sentral ng Pilipinas survey.

    By yearend, PayMaya will have a total of 80,000 merchant partners.

    Last week, PayMaya launched new brand campaign targets to accelerate digital payments adoption in the Philippines.

    This is in support of the National Financial Inclusion goals of the country and the aim to increase digital transactions in the country to 20 percent by 2020 under the National Retail Payment System.

    Through the consumer campaign, the company unveils an enhanced PayMaya mobile app, new features and more compelling merchant partner promos as well as the best cashback promos and discounts for an overall more rewarding experience for all users.

    Through the campaign, PayMaya encourages all Filipinos to get more joy and value out of daily transactions by opting to use PayMaya instead of cash for all their payments needs.

    “PayMaya is undoubtedly the best way to pay in the Philippines today. Our formula is simple – make digital payments accessible, more convenient, more secure, more rewarding, and more fun. With a newer and smoother app experience, the biggest discounts and cashback promos, and an ever-growing network of merchant and add money partners, it’s now better to ‘PayMaya’ instead of paying with cash,” said Azzola.

    To usher in a next-level experience, PayMaya has updated the mobile app to make it easier and safer to use.

    The new app design, initially available to Android users and soon for iOS devices, prominently features the latest promos and perks for account holders so they can easily discover ways to make the most of their money with PayMaya.

    “Expect more features and services to roll out in the coming months. Our goal is to make the payments experience of every Filipino hassle-free and more secure,” Azzola said.

    PayMaya is the only financial technology company in the Philippines offering integrated consumer and merchant payment solutions with the widest on-ground branch network. It is the first to give millions of Filipinos an e-wallet that allows them to pay cashless transactions at any time of the day, anywhere in the world and from any device.