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Merchants all over the country will soon be able to easily accept QR payments from other participating banks and e-Wallets as PayMaya becomes the first financial technology firm to adopt QR Ph for merchants, launched today by the Bangko Sentral ng Pilipinas in cooperation with BancNet and the Philippine Payments Management, Inc. Other participating financial institutions for the initiative include All Bank, Asia United Bank, China Bank, RCBC, Robinsons Bank, and Union Bank.
[7 APR 2021] PayMaya is leading the way as the online payment gateway of choice for businesses of all types and sizes in the Philippines. Through its easy-to-use and accessible online payment gateway solution PayMaya Checkout, it has enabled faster transition to cashless transactions for businesses going into e-Commerce.
It also offers readily available plug-ins for businesses already using e-Commerce sites such as Shopify and WooCommerce. For businesses that have yet to set-up their own e-Commerce sites, PayMaya provides easy-to-use digital invoicing solutions using payment links.
With many businesses shifting to online as way of coping and thriving during the pandemic, PayMaya registered over 500% year on-year growth in 2020 both in transaction count and payment volume for its online payment gateway solutions. It also saw the number of businesses using its online payment gateway increase by over 400% year-on-year for 2020.
On top of being the online payment gateway of choice, PayMaya is the largest non-bank acquirer in the Philippines, processing payments for the biggest "everyday" merchants, including e-Commerce sites, quick services restaurants, groceries, retail, gasoline and transportation, utilities, as well as small and medium size enterprises embracing online sales channels.
"The exponential shift to digital has seen many consumers and businesses go online to avail of essential, day-to-day products and services. Our online payment gateway solutions are making it easier for businesses to swiftly ride this wave. Combined with our end-to-end suite of payment solutions, including payment acquiring and face-to-face acceptance, we hope to continuously propel this shift and support the growth of the digital economy," said Shailesh Baidwan, PayMaya President.
PayMaya has been powering the next wave of e-commerce in the Philippines as more businesses are building their presence online alongside enabling physical payment acceptance touchpoints. It is also connecting its partner merchants to its over 28 million PayMaya app users via the PayMaya Mall feature. Through the PayMaya Mall, consumers get to easily discover the best deals and get cashback from promotions. Since its launch in February, PayMaya Mall has served as a gateway to some 200 of the biggest merchants in grocery, food, and retail categories.
All these efforts are part of PayMaya's thrust in promoting greater financial inclusion by enabling more Filipino businesses to go digital on the platform.
Seamless and innovative payment solutions for enterprises
Through its enterprise business, PayMaya has been introducing innovative products that make it easier for merchants to accept any type of cashless payment - be it from any Visa, Mastercard, and JCB credit, debit, and prepaid card, local switches such as Bancnet, QR Ph, and wallets including WeChat, Alipay, GrabPay, and GCash -- on top of its own PayMaya wallet.
For online, its digital payment tools such as the Checkout Plugin, Digital Invoice, and Digital QR have allowed enterprises to seamlessly accept different forms of cashless payments.
Merchants can easily deploy and utilize the PayMaya Checkout Plugin in their website to easily accept payments from VISA, Mastercard, and JCB credit, debit, and prepaid cards, PayMaya, and other e-wallets.
Through the PayMaya Digital Invoice, merchants are able to accept online payments even without a website by sending digital payment links to their customers via SMS, email, messaging app or even social media account so that they can pay using any card or their PayMaya account.
Merchants can reach millions of PayMaya users and grow their business through the Digital QR. With this, they can easily share their QR code through messaging apps, website or even have it printed and displayed in their physical store to offer customers a better way to pay.
"As we lead the push towards a Cashless Philippines, we reiterate our full commitment to enable more businesses and merchants with our online payment solutions as they accelerate their digital and cashless journey," Baidwan added.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, communities, and government. Through its enterprise business, it is the largest digital payments processor for key industries in the country including "everyday" merchants such as the largest retail, food, gas, and eCommerce merchants as well as government agencies and units.
Through its app and wallet, PayMaya provides over 28 million Filipinos with access to financial services. Customers can conveniently pay, add money, cash out or remit through its over 200,000 digital touchpoints nationwide.
Its Smart Padala by PayMaya network of over 37,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. To know more about PayMaya's products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno (right) and Deputy Governor Mamerto Tangonan (left) successfully complete their contactless transaction by scanning the PayMaya-enabled QR Ph code for merchants using the AUB and China bank mobile apps. Launched by the BSP on April 30, QR Ph for merchants enables businesses to accept payments from customers of other banks and financial institutions for various transactions. PayMaya is the first financial technology firm to adopt the national QR code standard for merchants, which will be rolled out to its partners in the next several months.