fintech

PayMaya’s ‘Sulong Negosyo’ program to aid MSMEs in recovery, scaling up

Recognizing that micro, small, and medium enterprises (MSMEs) are the backbone of the national economy, financial technology firm PayMaya Philippines launch the “Sulong Negosyo” program worth up to P60 million.

The support is in partnership with the government and not-for-profit sectors and includes digital tools to help them navigate the new way of doing business in the middle of a pandemic — and post-pandemic.

“Our various PayMaya services and solutions have served some really good purpose during this crisis,” said Orlando B. Vea, founder and CEO of PayMaya. “We are presenting our ready-to-use plug-and-play payment solutions specifically geared toward the needs of MSMEs. These are existing operating platforms that over a million MSMEs can immediately use as part of their toolkit for their recovery and beyond.”

Together with Go Negosyo, a non-profit organization that helps entrepreneurs, and the Department of Trade and Industry, PayMaya’s Sulong Negosyo campaign will provide MSMEs various types of assistance to assist them in their own digitalization.

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“The Paymaya MSME program comes with the technology, digital literacy mentoring, and access to financial services that they need,” Vea explained.

The services are scaled-down versions of the types of services PayMaya provides to large enterprises such as e-commerce sites and retail companies.

  • PayMaya QR codes that can easily be shared via social media or chat apps, or displayed for face-to-face transactions, allowing sellers to receive instant payments from PayMaya users.
  • PayMaya Payment Links help MSMEs that do not have established e-commerce stores by allowing them to generate links which they can send to their customers for payment. Once clicked, customers will be led to their own PayMaya payment page where they can pay using their PayMaya account or Visa, Mastercard, and JCB credit or debit cards.
  • PayMaya Checkout Plugins are for MSMEs operating online stores powered by Shopify, Magento, or WooCommerce that allows for quick and easier integration of the PayMaya Checkout payment gateway without the need for advanced coding knowledge or experience.

Like in many other countries affected by the COVID-19 pandemic, businesses experienced massive losses. In the figures provided by the Department of Trade and Industry and the Department of Labor and Employment, an estimated 90,000 businesses remain closed and over 200,000 workers have permanently lost their jobs, many of which belong to the MSME sector.

Some undeterred and determined individuals saw the opportunity to tap into their entrepreneurial skills and launched their home-based businesses. Utilizing social media, MSMEs also discovered different digital tools that are now considered essentials in running a business.

Cashless payments or e-wallet to e-wallet payments are becoming the norm. Strengthening this aspect of business operations will allow MSMEs to thrive in the new standard way of living.