Mobile wallet firm bullish to hit P3 trillion transactions

Ehda M. Dagooc (The Freeman) - May 13, 2021 - 12:00am

CEBU, Philippines — Mobile wallet PayMaya Philippines expressed confidence to hit over a trillion pesos worth of transactions this year, following an impressive performance in the first three months 2021.

 According to PayMaya founder and chief executive officer (CEO) Orlando Vea during the recently concluded PLDT first quarter performance media briefing, the Philippines has yet to take off in terms of reaching out the masses to participate in the formal financial channels, including banks and PayMaya is going to be more aggressive in tapping this market.

Vea mentioned the 60 percent unbanked of Filipinos, and this is a huge opportunity for PayMaya to focus its work here before planning to venture out of the country.

  PayMaya closed the year 2020 with P700 billion worth of processed transactions.

“Our first quarter [2021] points to that already, so we will exceed P1 trillion in gross transaction volume this year,” he said.

Previously, PayMaya targeted to hit P1 trillion in transaction volume by 2023. But with the growth traction during the pandemic, Vea said the goal can be well achieved within this year.

He said the fast adoption of Filipinos to digital financial services during the pandemic has pushed the close realization of its goal.  Vea explained that PayMaya is not just a mere mobile wallet, it has two sides to it – the consumer side and the merchant side.

“The consumers need a wallet to be able to pay digitally. Merchants need a platform to process the payments of whatever digital payments paid to them. We’re both on the consumer wallet side and the enterprise side,” he explained.

“We position ourselves as the only end-to-end enabler of digital transformation in Philippine payments,” he added.

 At present,  PayMaya registered 35 million users. This is about a third of the Philippine population.

So far, the company has reached over 200,000 touchpoints nationwide, consisting of 39,000 Smart Padala agents and 165,000 merchant locations.

Vea added that with this growth pace, the company has yet to scratch the surface. “There’s still 60 percent of Filipinos who are unbanked and that is not only about payments, but also about lending, savings, insurance and all financial services. So there’s a big opportunity in the Philippines.”

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