February 5, 2020 – In an interview, the head of Paymaya Philippines said the Bangko Sentral ng Pilipinas’ goal of raising the value of digital payments to 30% this 2020 is achievable. In order to so do, however, there must be closer links between consumers, businesses, and the government.
Paymaya Philippines President Shailesh Baidwan cited steps to achieve this, including:
- Relevant consumer services and incentives
- online and offline universal payment acceptance
- targeting underserve service.
Baidwan said further that digital payments must become better than cash and that consumers must have a more rewarding experience. Paymaya, for instance, offers cashback rewards to as much as Php 500 per transaction. It has also features such as adding money via debit/credit card, transfer to InstaPay member banks, and integrated QR in compliance with the BSP’s national QR code standard.
The Bangko Sentral initiative was originally 20% of transactions to become digital by 2020. This was the target mentioned by then-BSP Governor Nestor Espenilla. The change, he said then, will be a “big convenience and will potentially supplant the traditional check payment system.”
This initiative gave rise to the InstaPay and PESONet system that allow seamless money transfer between its member banks and non-banks financial institutions. For more information, check out InstaPay and PESONet in this article.
Paymaya recently partnered with 3 leading supermarkets – Landers, Rustans Supermarket, and Shopwise. The 3 will now support Paymaya QR as a mode of payment for their customers. Last year, Paymaya also partnered with PAG-IBIG, allowing PAG-IBIG members to pay their dues to the government agency via Paymaya.
This article is published on BitPinas: [Paymaya] PH Digital Transaction Targets are Achievable