PayMaya Philippines Inc. said it is supporting micro-, small-, and medium-sized enterprises (MSMEs) across the country to accelerate their transition to e-Commerce with the help of digital and cashless technology.
Through a campaign entitled “Sulong Negosyo,” PayMaya will give support worth up to P60 million to help jumpstart the recovery and growth of MSMEs in the country aided by cashless and contactless payments.
“MSMEs form a critical sector in our country’s recovery from the current crisis. With all businesses compelled to to go digital, MSMEs should not be left behind. ‘Sulong Negosyo’ is our rallying action to enable MSMEs with cashless technologies,” Orlando B. Vea, founder and chief executive of PayMaya said.
Based on recent figures from the Department of Trade and Industry (DTI) and the Department of Labor and Employment (DOLE), an estimated 90,000 businesses remain closed and over 200,000 workers have permanently lost their jobs as a result of the COVID-19 pandemic, many of which belong to the MSME sector.
With cashless fast becoming the default choice for payment among consumers, providing our MSMEs with the ability to accept all types of cashless payments, whether online or in their physical stores, will hasten their cash flow and also promote public health safety.
“Even as the economy reopens, online, cashless, and contactless transactions are here to stay as customers choose convenience and safety,” Raymund Villanueva, Business head for QR Ecosystems at PayMaya said.
“The next phase of commerce will be digitally-fueled, so equipping MSMEs with the right tools and payment options in order to succeed in this new era is one of our main priorities at PayMaya,” he added.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, and government.
Aside from providing payments acceptance for the largest e-Commerce, food, retail and gas merchants in the Philippines, PayMaya enables national and social services agencies as well as local government units with digital payments and disbursement services.
Through its app and wallet, PayMaya provides millions of Filipinos with the fastest way to own a financial account with over 57,000 Add Money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined.