Business owners should adopt digital payment systems to accelerate their digital transformation and tap a wider market, a PayMaya executive said.
“Businesses—big or small—can easily start their digital transformation by installing a digital payment system that will allow it to tap and connect to a larger audience and work seamlessly with other companies and the public sector,” said PayMaya President Shailesh Baidwan.
“Technology is driving consumers to purchase through different channels. We are in a time where there is an accelerated real-time expectation from consumers that businesses have to meet. On the other hand, there is an increasing desire for companies to improve efficiencies, reduce operational risks, and respond to innovation. All these can be addressed by digital payments,” Baidwan added.
A report by Ernst & Young Global Ltd. titled: “Redesigning for the Digital Economy: A Study of SMEs in Southeast Asia,” which covers 368 SME respondents from the ASEAN region, states that businesses worldwide are adopting digital technologies to raise the bar for customer service, take advantage of different partnerships it can form within its ecosystem, reduce operating cost, and stay ahead of the game or at the very least, keep pace with competitors.
Electronic payments are gaining traction because of the convenience, speed to complete a transaction, and safety they offer. The penetration of credit card population is now at 9%, debit card ownership is at 37%, and e-money account ownership is at 31%.
PayMaya Business has equipped enterprises of all sizes-- from street vendors to Top 1,000 corporations--and government agencies to receive all types of payments -- be it credit, debit, prepaid, or virtual cards -- anytime, anywhere, and from any device. Its “one payment platform” takes care of payment processing to merchant acquiring, and from fraud and chargeback management to merchant settlement and support.
PayMaya is the only digital financial services company with an integrated suite of solutions for consumers and merchants complemented by the widest remittance partner agent network. It is the fintech arm of Voyager Innovations, the leading technology company in the country backed by PLDT, KKR, Tencent, World Bank’s IFC, and the IFC Emerging Asia Fund.