PayMaya: Digital payments surge during ‘Singles’ Day’
Credit to Author: Lisbet K. Esmael| Date: Tue, 19 Nov 2019 14:30:14 +0000
PAYMAYA, the mobile wallet of PLDT Inc.-backed Voyager Innovations Inc., on Tuesday said digital payments made during its recent 11.11 sale climbed by almost fourfold from the payments posted last year.
In a statement, PayMaya said the increased use of cards and digital payments that PayMaya processed during the November 11 sale, also dubbed “Singles’ Day,” showed Filipinos’ growing preference for cashless options.
“Online shopping deals and digital payments are a potent mix for Filipino consumers who prefer convenient buying experiences,” PayMaya President Shailesh Baidwan said in the statement.
“The accelerated growth in digital transaction volumes during this year’s Singles’ Day shopping event is proof of this increasing savviness and growing trust in digital payments among Filipinos,” he added.
PayMaya has expanded its services to offer businesses with on-site and online solutions, such as checkout, plugins, email invoicing, QR technology and an all-in-one terminal that accepts payments made through international schemes (Visa, Mastercard, and JCB), local schemes and e-wallets (PayMaya QR and WeChat Pay).
For consumers, PayMaya offers a mobile app where they could have a virtual card allowing them to pay online.
Tycoon Manuel V. Pangilinan earlier expressed optimism about PayMaya’s capacity to begin earning a profit by 2024.
PayMaya continues to experience strong traction in the local market, Pangilinan told reporters after an event last week.
“The number of accounts and transactions are increasing,” he said without disclosing official figures.