Global payment solution provider PayerMax announced its growth plans in the Philippines and the rest of Southeast Asia this Wednesday, September 28, 2022.
The company, which has over 350 payment methods in 5 continents, will employ more resources and manpower in the Philippines, Singapore - its regional hub Indonesia, Thailand, Vietnam and Malaysia, to accelerate digital payment adoption and empower online merchants to scale business beyond borders.
PayerMax plans to leverage on its private and public sector partnerships to drive and fuel the payment infrastructure of e-commerce, gaming and entertainment, while maintaining its core values of financial inclusion and working hand-in-hand with regulatory ecosystems.
“The digital payments landscape in Southeast Asia has been rapidly evolving and is expected to reach US$1.5 trillion by 20301," says Vicky Gannason, Regional Director at PayerMax.
"As a major catalyst, the ongoing pandemic has driven unprecedented levels of digital adoption across all demographics. Cashless, contactless, and cross-border payments are now the new norm, and players need to recognize this as an opportunity,” she elaborated.
“Our key focus in the long horizon is to invest more resources and manpower to build PayerMax’s presence in emerging markets," added Chief Operating Officer Essay Zhu.
Significantly, PayerMax sees the Philippines as "a lucrative market for our expansion as well as mirror our vision and mission".
"In line with the Philippines’ national agenda, we see a huge potential within the market, especially with the accelerated digital transformation of businesses post-COVID," the company stated.
"We are investing significant resources and teams to expand across Southeast Asia including the Philippines while anchored in Singapore," PayerMax reiterated
"Our growth focus right now, is to create greater integration of local payment systems into our solution."
In the long run, PayerMax aims to aid local merchants in expanding their business across the region and beyond.
In the Philippines, PayerMax is currently supporting its customers through local payment methods like GCash, Maya, InstaPay, PESONet, and others.
It aims to resolve the downsides of providing multi payment gateways, and offering shoppers flexible and localised payment methods, while enabling ecommerce for the unbanked population.
PayerMax is also building on its FX strength in core emerging markets like the Philippines, to mitigate uncertainty and bring about cost optimization.