PayMaya launches mobile payment for online trading

CEBU, Philippines —  Digital financial services provider PayMaya launched its latest mobile payment innovation to help more Filipinos do business online.

This is to respond to the call of the hour of avoiding face-to-face negotiation as a result of the current public health situation.

PayMaya Negosyo app, allows merchants to easily and quickly accept QR and online payments in just one to two days.

The PayMaya Negosyo app is available for Android devices, micro-, small-, and medium-sized enterprises (MSMEs), which can easily accept QR and other forms of digital payments using their smartphones and even if they don’t have an e-Commerce website.

“As more consumers begin to prefer shopping online and paying using contactless methods, PayMaya Negosyo will give our MSMEs the easiest and fastest way to accept digital payments from across a variety of sources–all they need now is their smartphone and a valid ID,” said Shailesh Baidwan, President of PayMaya.

The new app can accept payments from PayMaya users via PayMaya QR which can be shared in their social media pages and chat apps.

It can also receive payments from upgraded PayMaya users through the Send Money function of the app.

More importantly, it can process bank transfer payments from any InstaPay-participating bank and e-wallet in the Philippines.

Interested merchants only need to sign up through the app using their mobile number, upload one valid government ID as well as a video selfie for liveliness check, and wait 24 to 48 hours for their application to be reviewed and approved so they can start accepting digital payments right away.

Given the effects of the COVID-19 pandemic across the world, physical distancing and online purchases will become part of the norm for everyone in the next several months–and merchants can easily adapt to this new situation by going cashless for their payments.

Through the PayMaya Negosyo app, merchants now have the fastest way to accept contactless payments from customers, whether they are PayMaya users or account holders of other banks and e-wallet providers, Baidwan added.

Once the payments are received in the merchant’s PayMaya Negosyo wallet, they can then transfer these amounts to their respective bank accounts also via InstaPay.

Compared with PayMaya consumer accounts that just have a P100,000 account limit for upgraded users, ‘Negosyo’ app users have a monthly limit of up to P250,000.

PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cuts across consumers, merchants, and government.

Aside from providing the payments acceptance for the largest e-Commerce, food, retail and gas merchants in the Philippines, PayMaya is enabling national and social services agencies as well as local government units with digital payments and disbursement services.

Through its PayMaya app and wallet, it is providing millions of Filipinos with the fastest way to own a financial account with over 40,000 Add Money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined.

The Smart Padala by PayMaya network of over 30,000 partner agents nationwide serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to services.