February 11, 2020 – After the successful “Don’t Pay Cash. PayMaya!” campaign in 2019, PayMaya is launching “BalikBayad” campaign, highlighting the many cashback rewards a PayMaya customer can receive when using the service.
PayMaya users can get as much as Php 6,000 in cashback through various promos in the app. These promos include QR payments, bills payments, online shopping, remittances, and more. The list of “Preferred” merchants has also been expanded; users can receive additional cashback on top of the regular cashback they receive.
PayMaya hopes the new cashback program will entice more Filipinos to experience cashless methods of payments. This, of course, is in line with the Bangko Sentral ng Pilipinas’ aim to increase the share of digital payments in the Philippines to 30% by the end of 2020.
In a recent report, PayMaya President Shailesh Baidwan said the BSP’s goal is achievable. However, he noted that in order to do so, there must be closer links between consumers, businesses, and the government. Steps to achieve this include 1) Relevant Consumer Services and Incentives 2) Online and Offline Universal Payment Acceptance and 3) Targeting the Underserved market. Baidwan also said that digital payments must become better than cash so that the consumer will prefer it. The Paymaya President cited its cashback programs that reward users every time they spend through the app.
The initial Bangko Sentral initiative was 20% of transactions to go digital by 2020. Some initiative arising from this is the InstaPay and PESONet systems that allow seamless money transfer between banks and non-bank financial institutions.
This article is published on BitPinas: PayMaya Launches BalikBayad Campaign