IDC recognizes financial services provider PayMaya for fintech innovationsBusiness Features

IDC recognizes financial services provider PayMaya for fintech innovations

Digital financial services provider PayMaya won two major awards at the Philippines’ first-ever IDC Future Enterprises Awards. PayMaya was recognized for its innovations that have led to accelerated digital payments adoption across consumers and enterprises at the height of the COVID-19 pandemic.

PayMaya was named as the Best in Future of Digital Innovation for its PayMaya Negosyo app and Best in Future of Intelligence for its enhanced, (artificial intelligence) AI-powered electronic Know Your Customer (e-KYC) process. The IDC Future Enterprise Awards is organized by global market intelligence provider International Data Corp. (IDC).

The Best in Future Digital Innovation award is given to enterprises that transformed from mere software consumers into full-blown, large-scale software innovators.

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“We thank our peers for recognizing the work that we do at PayMaya,” said Shailesh Baidwan, president, PayMaya. “At the pandemic’s start last year, we wanted both Filipino consumers and businesses to embrace digital payments quickly. This is the reason why we have made available a free business-in-a-box solution for every MSME and improved our eKYC for faster account registrations.”

PayMaya Negosyo

Launched in May 2020, PayMaya Negosyo allowed MSMEs to accept payments from anyone even without using an e-commerce platform. All they need to do is download the app, register, and once approved, they can start accepting digital payments in less than 24 hours.

With the app, MSMEs can earn additional income by offering bills payments, selling prepaid loads and gaming pins, processing domestic remittance, and cash in and cash-out services for PayMaya users in their communities.

The app has also transformed PayMaya’s nation-widest network of over 55,000 Smart Padala remittance agents to become the One-Stop Shop for everything digital financial services in last-mile communities.

Because of this innovation, PayMaya saw over 10-fold year-on-year growth in the number of unique small merchants onboarded in June 2021.