With the increase of digitization due to the COVID-19 pandemic, PayMaya Philippines, Inc. has high hopes for a boost of profitability as digital payments become more commonplace.
“There are a lot of realizations that digital is the way, and we are here to provide financial operating systems for this new kind of economy. So if that translates to accelerated profitability, we hope that helps in the cause,” said Orlando B. Vea, Chief Executive Officer (CEO) and Founder of Voyager Innovations, Inc.
PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc.
“As of now, our efforts are more focused on helping the government and society to take advantage of the digital leapfrog,” Vea added, citing new opportunities seen in health and education.
The number of Paymaya registrants doubled during the pandemic as more people turned to online transactions.
“COVID-19 (coronavirus disease 2019) for us is both a challenge and a blessing as we have areas with a lot of activity, which have increased, and some areas with challenges. As far as the opportunities are concerned, we’ve seen registrations doubling from last year,” Vea noted.
PLDT Chairman, President, and Chief Executive Officer Manuel V. Pangilinan has said he expects PayMaya to be profitable by 2024.
With the latest funding amounting to $120 million toward Voyager’s expansion efforts contracted by PLDT, China’s Tencent Holdings Ltd., Kohlberg Kravis Roberts & Co. (KKR), International Finance Corp. (IFC), and IFC Emerging Asia Fund last month, PayMaya will be able to raise a progressive digital and financial inclusion.
Aside from the PayMaya e-wallet and app, Voyager’s portfolio also includes PayMaya Enterprise for end-to-end merchant-acquiring solutions and Smart Padala, which so far has more than 30,000 partners agent touchpoints nationwide.