Gov’t transactions via PayMaya platform soar

THE value of government transactions processed by digital payment company PayMaya Philippines, Inc. has increased by around 1,200% in December compared with the level in the same month of the previous year.

The company said in a statement on Monday that more than 60  national and local government agencies are using its payment platform for taxes and fees transactions.

“With the COVID-19 pandemic affecting everyday life, the government has turned to digital payments to process revenue collections and distribute much-needed assistance safely and conveniently,” PayMaya said.

PayMaya said that it had also distributed P4.5 billion in government assistance from agencies such as the Department of Social Welfare and Development (DSWD).

The company recently said that it had reached 28 million users through its mobile app and digital wallet platforms, as more Filipinos use e-wallets for contactless transactions during the pandemic.

Transactions on the PayMaya app registered triple-digit growth  rates throughout lastyear, peaking in May with a 1,000% year-on-year growth.

Businesses joining PayMaya for digital payments increased by at least 1,500% year on year in November. Megaworld Corp., McDonald’s Philippines, and Jollibee Foods Corp. are among those using  the platform.

Hongkong and Shanghai Banking Corp. said in October that there was room for growth in digital payments in the Association of Southeast Asian Nations as businesses reach out to underbanked consumers in markets with a high use of smartphones and internet connection.

PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT Inc. PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan last year said that he expects PayMaya to be profitable by 2024.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary Media Quest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine StarGroup, which it controls.—JeninaP.Ibañez