The City of Manila has disbursed more than P13 million in financial assistance to eligible senior citizen beneficiaries through fintech company PayMaya.
This financial aid is part of the monthly stipend allocated to senior citizens and the release has been expedited to further help the beneficiaries cope with the effects of the current Enhanced Community Quarantine due to the COVID-19 pandemic. Receiving three months’ worth of stipend covering January-March directly to their PayMaya accounts are some 9,000 senior citizens who are among the initial batch of beneficiaries equipped with citizen ID cards powered by PayMaya. Another 8,000 senior citizens have already received their stipend for the same period earlier this year.
“Disbursing cash assistance via e-wallets is a safer and more transparent means in providing financial aid to citizens since it minimizes cash handling and provides a record of money transfer. We are happy to see our services being utilized during this Enhanced Community Quarantine for the benefit of one of the most vulnerable segments of Manila’s population,” said Orlando Vea, founder and CEO of PayMaya.
“Our partnership with PayMaya has enabled us to deliver fast and transparent financial assistance to our senior citizens at this time of great need, allowing them to receive their benefits from the safety of their own homes. Digital financial services help us to continue serving our constituency despite our current public health challenges,” said Manila Mayor Isko Moreno.
PayMaya-enabled citizen ID
The PayMaya-enabled citizen ID card initiative was launched in late 2019 as part of the City of Manila’s citizen benefit program for senior citizens, persons with disabilities (PWDs), and solo parents. To date, the City of Manila and PayMaya has distributed more than 17,000 citizen ID cards. Distribution of citizen ID cards to eligible citizens will continue immediately once the enhanced community quarantine has been lifted. Senior citizens yet to be equipped with ID cards powered by PayMaya will be receiving their cash assistance through their barangay captains.
In light of the current public health situation, the use of cashless technologies such as the citizen ID cards powered by PayMaya are providing a means for local governments to directly disburse aid to their constituents.
“Mobile wallets and other digital financial services are proving to be essential tools in helping the national and local governments deliver better public service to the people,” Vea said.
Digital payments is a preferred mode of transaction particularly during this time because it promotes lesser cash handling and consequently helps in containing the spread of COVID-19 infection. With mobile wallets, people can easily transact at home or with limited contact at local neighborhood merchants through QR or card payments.