The Securities and Exchange Commission (SEC) has tapped PayMaya Philippines Inc. to provide cashless payment options for businesses when paying for online service fees.
In cooperation with the Bureau of the Treasury and Land Bank of the Philippines, the SEC will integrate its online portal with the PayMaya checkout payment gateway, enabling acceptance of any VISA, Mastercard and JCB credit, debit and prepaid card as well as PayMaya.
Through this initiative, the SEC said it will be able to process cashless payments for company registration, as well as other fees for business license, fines, penalties, seminars and trainings, among others.
“This is but one of the many initiatives of the SEC to improve its services in order to effectively accomplish its mission to serve as the gateway to doing business in the Philippines and, as such, to provide a competitive and secure environment for easy company registration, efficient capital formation, and broad investor participation,” Kelvin Lester Lee, SEC commissioner, said.
The SEC said it continued to strengthen its online services to serve more enterprises amid the coronavirus pandemic by utilizing its online portal to offer services such as company registration and monitoring, and processing of requests for corporate documents.
Businesses can now also transact with other government agencies using PayMaya as the latter has partnered with the Bureau of Internal Revenue, Department of Trade and Industry, Bureau of Customs, PAG-IBIG Fund, Social Security System and the Intellectual Property Office of the Philippines, among others, for end-to-end business-to-government cashless payments acceptance via cards and e-Wallets.
This is in support of Republic Act No. 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, which aims to streamline the current systems and procedures of government services.
To date, PayMaya has enabled over 60 government units in the national and local levels with cashless payment acceptance and disbursement solutions.