[ad_1]
Market in Eastwood City displays your store’s QR PayMaya, allowing you to accept cashless payments from customers.
MORE Filipino business owners and casual marketers have embraced digital payments as a key component of doing business under the new normal, powered by out-of-the-box solutions from digital financial services leader PayMaya.
As of the end of November, the number of micro, small and medium-sized enterprises (MSMEs) using PayMaya’s various digital payment acceptance solutions has grown exponentially by 2,000 percent year-on-year, signifying a sea change in the way they merchants do business as a way to cope with the economic effects of the pandemic.
“Now that consumers are more aware of health and safety, cash has quickly become the default preference for Filipino consumers. With this change, PayMaya has enabled our MSMEs to pivot and prosper by providing digital payment capabilities, as well as additional revenue opportunities through our various payment solutions, ”said Shailesh Baidwan, President of PayMaya.
To respond to the growing demand for cashless payments at the height of the quarantine, when many merchants went digital, the company launched the PayMaya Negosyo app in May. The application allows MSMEs to have their own commercial QR in just 24 hours. They can then accept cashless payments via QR, bank transfers, and e-wallets, using just their mobile phones.
Due to this development, the MSME segment now comprises more than 95% of PayMaya’s total business base in 2020, compared to just 78% in 2019.
PayMaya solutions are designed to serve more than 1.5 million registered MSMEs in the country, representing more than 99 percent of all Philippine businesses and providing 62.4 percent of the country’s employment. According to data from the Department of Commerce and Industry (DTI), there are 6 million more micro-businesses that still need to be formally registered, and PayMaya is already enabling this segment through its various solutions.
[ad_2]
