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Business

PayMaya steps up security measures

Lawrence Agcaoili - The Philippine Star

MANILA, Philippines — PayMaya Philippines has launched a new card that helps lower security risks to enable more Filipino millennials and Gen Z to enjoy its use.

Kenneth Palacios, head of wallets business at PayMaya Philippines, said the company is proud to be at the forefront of providing stronger security measures for its users.

“We know our users love their cards which is why they are always excited to post about it on their social media accounts, but that also means exposing sensitive personal information to the public. With this new card, our customers are assured that they can brandish their cards to their heart’s content without risking their safety and security,” he said.

Aside from being equipped with the EMV (Europay, Mastercard, Visa) standard, the new PayMaya card has all personal information of the cardholder–including the card number, the expiry date of the card, the CVV card security code as well as the cardholder’s name printed at the back of the card, which makes it more secure than most cards out in the market today.

Meanwhile, the front card design showcases a minimalist style with only pertinent logos and symbols of the features of the card.

PayMaya is one of the first in the world to utilize this design feature, which is in response to the social media habits of its largely millennial user base, so that their cards can be safe and secure from being used by unscrupulous individuals even if they take photos of it and post it online.

“This newly designed EMV-enabled card is in line with our efforts to help curb fraud as we are doubling the layers of protection for our growing number of millennial users. This is also our way to show our strong support to the Bangko Sentral’s mission to protect the hard-earned money of our accountholders,” Palacios said.

A Nilson Report published in November 2018 showed global brand card fraud increased by 6.9 percent to $21.57 billion in 2017 from $20.18 billion in 2016. The amount is projected to increase in the coming years as consumers are seen to increase the volume of their transactions.

From dining at restaurants to shopping in stores, PayMaya account holders are increasingly using their PayMaya physical card when they pay for travel-related expenses abroad.

Without the need to call in advance for card activation, they can easily use their PayMaya card at establishments where Visa or Mastercard is accepted and at the same time, benefit from better foreign exchange rates.

“Many travelers prefer to use PayMaya when they travel as it allows them to maximize their budget so they can spend more on new experiences. Whether they use the PayMaya physical card to withdraw at ATMs or at VISA or Mastercard accepting establishments, they always get the best value when they use PayMaya,” he said.

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KENNETH PALACIOS

LOWER SECURITY RISKS

PAYMAYA PHILIPPINES

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