PayMaya says users reach 28 million in 2020 across platforms

DIGITAL PAYMENT company PayMaya Philippines, Inc. has reached 28 million users across its platforms this year.

The company in a press release on Monday said that more Filipinos have been using the e-wallet platform for contactless transactions during the pandemic.

“Cashless transactions made by Filipinos through the PayMaya app, in fact, have consistently registered triple-digit growth rates throughout 2020,” PayMaya said.

Transactions in the app peaked in May, PayMaya added, noting over 1,000% year-on-year growth compared with the same month last year.

PayMaya in December last year said that it was nearing the 20 million user base mark.

Businesses joining PayMaya for digital payments increased by over 1,500% year on year in November. Businesses such as Megaworld, McDonald’s Philippines, and Jollibee Foods Corp. use PayMaya platforms.

The company also has a “Smart Padala” network of 33,000 touchpoints where customers can send or receive money and pay bills.

PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc. PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan last year said that he expects PayMaya to turn a profit by 2024.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Jenina P. Ibañez

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