Businesses must provide an array of payment options that customers trust and prefer to use, an executive of leading financial services provider PayMaya Philippines said.
“More Filipinos are using digital payments as their preferred payment method, that’s why businesses – from street vendors to Top 1,000 – should equip themselves with cashless options to provide better services to customers and grow their top line,” said Mar Lazaro, director and head, Enterprise Business at PayMaya Philippines.
However, industry data from the Bangko Sentral ng Pilipinas show that only under a fourth of the registered businesses in the Philippines have a card or mobile point of sale terminals to accept electronic payments, and even less offer such payments in their online stores, making the majority of businesses miss out on potential customers.
“Financial technology is accelerating cashless adoption among enterprises. At PayMaya, we equip all kinds of businesses with relevant solutions to accept all types of cashless payments whether through PayMaya QR, prepaid, debit, or credit cards, WeChat, or online through our proprietary PayMaya Checkout gateway, and other emerging modes of payment in the future,” Lazaro said.
“Our ‘One Payment Platform’ approach has made us the largest mobile and online acquirer in the Philippines, servicing most of the country’s biggest e-Commerce players today,” he added.
Expansion of Cebu’s cashless ecosystem
Most recently, PayMaya announced that it has equipped more merchants in Cebu with its digital payment solutions, allowing them to offer greater payment convenience and new cashless experiences to their customers.
Some of these merchants include Bo’s Coffee, Zubuchon, Gaisano Brothers Merchandising, Cebu Belmont, Allegiant Regional Care (ARC) Hospital, Maayo Medical Clinic, RDAK Global Motors, Lite Shipping, Motor Ace Philippines, and Honda Motor World, among many others.
“Cebu’s booming economy bolstered by its thriving homegrown businesses makes it an ideal environment for cashless payments to prosper, which is why PayMaya has partnered with these merchants as we help build the cashless ecosystem of Cebu,” Lazaro said during the recently concluded Entrepreneurs’ Summit in celebration of Cebu Business Month.
Through the various payment solutions offered by PayMaya Business, Cebu-based enterprises are able to accept Visa and Mastercard payments in-store and online, as well as new and emerging payments methods including the likes of PayMaya QR and WeChat Pay.
“By offering cashless payment options to Cebuanos, we enable merchants to reach out to more consumers and help them participate in the growing digital economy of the country,” he added.
PayMaya, the financial services arm of Voyager Innovations, is the only FinTech company in the Philippines.