State-owned Development Bank of the Philippines (DBP) taps PayMaya to provide end-to-end digital payment solutions firm to its partners in the public sector such as national government agencies, local government units (LGUs), water districts, electric cooperatives, as well agricultural and industrial enterprises, including small and medium-scale businesses.
PayMaya, through DBP, enable these institutions and enterprises with the means to accept any credit, debit, and prepaid card or e-Wallet for both online and physical locations. With this initiative, more Filipinos across the country can experience safer and more convenient transactions when settling their dues and taxes at their LGUs, local utilities, and businesses.
“To truly fuel financial inclusion in the Philippines, we must enable our fellow Filipinos, especially those in the provinces, with innovative technologies that will help them adapt to the ongoing shift to digital payments,” said Owen Maramag, SVP and head of Marketing of the Development Bank of the Philippines. This initiative with PayMaya will help our partner institutions and enterprises and, in turn, accelerate economic growth.”
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Before this expanded partnership, PayMaya, through DBP, has worked together to power the digital payments for the Department of Foreign Affairs (DFA), Tourism Infrastructure and Enterprise Zone Authority (TIEZA), as well as the local government units of Pasig City, Valenzuela City, Naga City, and Zamboanga City.
DBP is the sixth-largest bank in terms of assets. It provides credit support to four strategic sectors of the economy — infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.