Cashless craze fuels PayMaya’s 2,000 percent YOY growth
Major digital financial services frontrunner PayMaya has heeded the call of the times by enabling micro, small and medium enterprises (MSMEs) to thrive and survive during the pandemic period.
As of end-November, the number of MSMEs utilizing PayMaya’s various digital payment acceptance solutions have grown exponentially by 2,000 percent year-on-year, signifying a sea change on how merchants are doing business as a way to cope from the economic effects of the pandemic.
“With consumers now more conscious about health and safety, cashless has fast become the default preference of Filipino consumers. With this shift, PayMaya has readily enabled our MSMEs to pivot and thrive by providing digital payment capabilities as well as additional income opportunities through our various payment solutions,” said PayMaya President Shailesh Baidwan in a news statement.
It launched the PayMaya Negosyo app in May in response to the surge in demand for cashless payments at the height of the lockdown as many merchants turned to digital. The app enables MSMEs to have their own merchant QR code in as fast as 24 hours. They can then readily accept cashless payments via QR, bank transfers, and through e-Wallets, using only their mobile phones.
Aside from this, PayMaya helped MSMEs to generate additional income by selling mobile prepaid load or accepting bills payments through the same app.
Since its launch, the PayMaya Negosyo app has been downloaded hundreds of thousands of times in the Google Play Store and has enabled MSMEs to instantly accept payments via chat, on their social-media pages, or through their online stores.
Because of this development, PayMaya said the MSME segment now comprises over 95 percent of its total merchant base in 2020, compared to just 78 percent in 2019.
Data from the Department of Trade and Industry (DTI) showed there are 6 million more microenterprises that have yet to formally register, and PayMaya is already enabling this segment through its various solutions.
Aside from PayMaya Negosyo, the company also offers the PayMaya One Lite device for in-store card and e-Wallet payment acceptance, as well as digital payment tools such as Digital QR, Payment Links, and PayMaya Checkout payment gateway plugins which can easily be availed of by visiting
“Today, MSMEs are getting smarter in utilizing all available sales channels and opportunities to reach their customers and offer their products and services. PayMaya’s ready business-in-a-box solutions have become a perfect partner for growth and recovery for many MSMEs as they look to navigate uncharted seas in the years to come,” said Baidwan.
To further help the MSMEs capabilities and networking, PayMaya has also introduced innovative programs in close cooperation with DTI and private sector partners such as Go Negosyo.
In October, PayMaya launched the “Sulong Negosyo” Program wherein MSMEs are provided with ready-business-in-a-box tools such as the PayMaya Negosyo app, as well as marketing and rewards opportunities through PayMaya Negosyante Rewards. The program aims to help MSMEs accelerate their transition to e-commerce with the help of digital and cashless technologies.