More government agencies now adapt cashless system

CEBU, Philippines —  More than 60 government agencies are now going cashless, as Filipinos are embracing the digital payment system.

“The government has not only made public services more conveniently and safely available in this challenging time but it has also undeniably supercharged the engine for financial inclusion. At PayMaya, we are happy and proud to be one of the main partners of the government for this transformation," said Orlando B. Vea, chief executive officer and Founder at PayMaya.  

These government agencies, which joined the cashless ecosystem include, among others, the Bureau of Internal Revenue (BIR), Social Security System (SSS), Home Development Mutual Fund or Pag-IBIG, Department of Trade and Industry (DTI), Securities and Exchange Commission (SEC), Land Transportation Office (LTO), Bureau of Customs (BoC), and the Department of Foreign Affairs (DFA) – have chosen PayMaya's platform to provide citizens and businesses with a safer and better way to pay for taxes and fees. 

As the public sector goes cashless, total volume in terms of value for government transactions processed by PayMaya was estimated to have increased by 1,200 percent in December 2020 compared to the same period in 2019.

With PayMaya enabling cashless acceptance for the government, Vea said Filipinos can enjoy a more inclusive way to pay via any credit, debit, prepaid card, or PayMaya QR — whether through physical locations or online.

Aside from convenience, those who choose to pay via PayMaya's platforms also get to enjoy more rewards such as cashback each time they pay for government transactions, he added.

The government also has tapped PayMaya to deliver financial aid to millions of affected Filipinos who lack a bank account.

To date, the digital financial services leader was able to distribute over P4.5 billion in assistance from the Department of Social Welfare and Development (DSWD), SSS, DTI, Department of Agriculture (DA), and Land Transportation Franchising and Regulatory Board (LTFRB), among other agencies, directly to the PayMaya accounts of beneficiaries.

Amid the constrained mobility, public services have become accessible even in far-flung communities, with PayMaya/Smart Padala’s largest on-ground network of more than 33,000 partner agent network touchpoints nationwide serving as last-mile digital financial hubs.

With Smart Padala present in 92 percent of all cities and municipalities, unbanked and underserved Filipinos can pay for government fees and cash out their financial assistance within their own neighborhood. The COVID-19 pandemic has accelerated the Philippine government's digital transformation.