PayMaya: SMEs can begin DX by adopting digital payments

The term “digital transformation (DX)” can be quite intimidating to small and medium enterprises (SME). However, the reality is businesses should really be looking at digitalization given that ecommerce is thriving and consumers are discovering the convenience of online shopping.

PayMaya, the fintech arm of Voyager Innovations, said SMEs can begin with adapting and offering a digital payment system.

“Businesses—big or small—can easily start their digital transformation by installing a digital payment system that will allow it to tap and connect to a larger audience and work seamlessly with other companies and the public sector,” said Shailesh Baidwan, president, PayMaya.

“Technology is driving consumers to purchase through different channels. We are in a time where there is an accelerated real-time expectation from consumers that businesses have to meet. On the other hand, there is an increasing desire for companies to improve efficiencies, reduce operational risks, and respond to innovation. All these can be addressed by digital payments,” Baidwan added.

Voyager Innovations is a technology company backed by PLDT, KKR, Tencent, World Bank’s IFC, and the IFC Emerging Asia Fund.

A report by Ernst & Young Global Ltd. titled “Redesigning for the Digital Economy: A Study of SMEs in Southeast Asia,” which covers 368 SME respondents from the Asean region, states that businesses worldwide are adopting digital technologies to raise the bar for customer service, take advantage of different partnerships it can form within its ecosystem, reduce operating cost, and stay ahead of the game or at the very least, keep pace with competitors.

Electronic payments are gaining traction because of the convenience, speed to complete a transaction and safety they offer. The penetration of credit card population is now at 9%, debit card ownership is at 37%, and e-money account ownership is at 31% (based on figures from 2018 population, Department of Budget and Management and 2018 number of accounts, Bangko Sentral ng Pilipinas).

PayMaya Business has equipped enterprises of all sizes — from street vendors to Top 1,000 corporations — and government agencies to receive all types of payments be it credit, debit, prepaid, or virtual cards anytime, anywhere, and from any device. Its “one-payment platform” takes care of payment processing to merchant acquiring, and from fraud and chargeback management to merchant settlement and support.

Recently, it has been tapped by the Department of Science and Technology to power its e-commerce platform for SMEs to easily accept payments via any Visa, Mastercard, and JCB credit, debt, and prepaid card as well as PayMaya e-wallet via their mobile number through PayMaya Checkout payment gateway. It has also been a strong parer of Go Negosyo, helping promote digital financial services for SMEs in roadshows nationwide.

It provides enterprises with on-site and online solutions — such as checkout, plugins, email invoicing, Quick Response (QR) technology, and an all-in-one terminal — that accept payments made through international schemes (Visa, Mastercard, and JCB), local schemes, and e-wallets (PayMaya QR and WeChat Pay).