September 30, 2019 – Popular e-wallet PayMaya is targeting to achieve Php 1 trillion worth of transactions as it remains bullish in fintech adoption in the Philippines.
Reported both by local papers the Inquirer and BusinessWorld, PayMaya is targeting 40 million users by 2022 and Php 1 trillion worth of annual transactions by 2023. The current value is Php 200 billion in gross transaction volume every year.
PayMaya attributes the success they currently have with their “large focus on the consumer business”. Anyone in the Philippines can currently download the PayMaya app and use it to pay bills, buy mobile load, and send money online. The bulk of PayMaya transactions are on the consumer side but the enterprise side is on an aggressive expansion mode. Chief Operating Officer Paolo Azzola said they are targeting to reach 80,000 merchants by yearend. As per The Inquirer, Mr. Azzola said the company has cornered 60% of payments processing in online shopping.
Currently, the Philippines is home to numerous online wallets (e-wallets) that want to cater to the growing number of Filipinos who want to “pay online”. PayMaya’s main competitor is Globe’s GCASH. Other e-wallets include Coins.ph, Moneygment, Cliqq, etc. Not to mention apps from banks where one can also do online transactions.
This article is published on BitPinas: PayMaya Bullish on Fintech Adoption in the Philippines