In a bid to make mobile currency more accessible to Pinoys, PayMaya has conducted operations tests with Globe’s GCash system with positive results.
To put things in better perspective, PayMaya is a digital financial service from PLDT and Smart. PayMaya is a prepaid Visa card (and an app) that you load with money which can then be used as a way to pay your MRT fare (like the Beep card) and even purchase online because it’s a Visa card. Globe has their own e-payment method in GCash. For a long time, these two telcos improved their services in competition with each other, until PayMaya announced this breakthrough at the 2016 Mobile World Congress in Barcelona, Spain.
What this means is that you can use just one card for all your online transactions like apps (iTunes and Google Play) and games (Steam and PSN), shop online (Food Panda, Lazada), and ride the MRT/LRT and it doesn’t matter what telco you are on.
“This is a step toward advancing the future our digital economy. Even before this initiative, we have pioneered a mobile payments solution that can be used by users from any telco provider by launching PayMaya, an over-the-top digital service. Interoperability, therefore, is but a natural progression in the ongoing evolution of financial technology services in the country,” said Orlando B. Vea, President and CEO of PayMaya Philippines.
Check out the rest of PayMay’s official press release:
Growing mobile money usage
With interoperability in place, users of PayMaya in the country can soon send funds to users of other mobile money systems, including the likes of GCash, and vice-versa. This move is seen to boost the growth of mobile money usage in the country, and in turn expand the local digital commerce ecosystem.
“We welcome this milestone on the mobile money interoperability initiative between Smart/PayMaya and Globe G-Cash. This development comes on the heels of the launch of the National Retail Payment System (NRPS) Framework in December led by the Bangko Sentral ng Pilipinas (BSP) and fully supported by the industry, which aims to create a “safe, efficient, reliable, and affordable electronic retail payment system that is interconnected and interoperable,” said BSP Deputy Governor Nestor A. Espenilla, Jr.
“As we have done with collaborations with the BSP in the past, we are fully committed to support this initiative led by the GSMA, cognizant of the benefits it will bring to millions of mobile money users around the country,” said Benjie S. Fernandez, co-Chief Operating Officer of PayMaya Philippines.
In a speech delivered by BSP Amando Tetangco, Jr, he said that studies have shown that shifting from paper to electronic –based payment system could generate an annual savings up to one percent of the country’s gross domestic product (GDP).
Leading the FinTech wave
Interoperability with other mobile money operators is just the latest in the intensified drive for financial inclusion in the country as led by PayMaya as well as Voyager Innovations, the digital innovations arm of PLDT and Smart. Aside from offering a safe and easy way to pay online through the PayMaya app and cards, Voyager has also launched groundbreaking and award-winning Financial Technology innovations for the growing digital consumers of today.
This includes the likes of Mobile Loan Saver in partnership with Landbank, which allows government employees to take out salary loans via SMS; and Lendr, a fully digital, multi-channel, telco- and bank-agnostic platform that financial institutions and credit providers can use to reach consumers planning to avail themselves of loans through a single online “marketplace.”
PayMaya is powered by Visa and is regulated by the Bangko Sentral ng Pilipinas to ensure all user transactions are secure. For more information about PayMaya and how users can get their own PayMaya card, simply download the PayMaya app available on the App Store or the Play Store, or visit www.paymaya.com.