PayMaya, the digital financial services arm of Voyager Innovations, yesterday said its transaction volume surged three-fold during the “Singles’ Day” or “11.11” online shopping sale this year as compared to 2018.
For this year, card and digital payments volume processed by PayMaya across various online commerce sites jumped 3.5 times compared with Singles’ Day 2018, indicating a significant shift in digital payments and online shopping habits of Filipinos, it said.
It attributed the increase in digital payments via PayMaya to its attractive promo offerings to consumers and the convenience of using PayMaya online.
Of the top 10 merchants with the most digital payment volume processed by PayMaya during 11.11, seven merchants belonged to the travel category, while two fall under the online marketplaces category. The tenth merchant, meanwhile, belonged to the home furnishing industry.
“Singles’ Day” is an annual online shopping event popularized in China as a way to create a counter-holiday to Valentine’s Day, which is usually reserved for couples. It also marks the start of online shopping for the holiday season.
“Online shopping deals and digital payments are a potent mix for Filipino consumers who prefer convenient buying experiences. The accelerated growth in digital transaction volumes during this year’s Singles’ Day shopping event is proof of this increasing savviness and growing trust in digital payments among Filipinos,” said Shailesh Baidwan, PayMaya president.