E-money account penetration has surpassed that of credit cards with 31 e-wallet accounts for every 100 Filipinos, as of the fourth quarter of 2018. Meanwhile, there are just nine credit cards per 100 individuals.
PayMaya will also be equipping merchants and businesses in UP campuses with QR and POS payment acceptance technology so that students and faculty can pay for their purchases using their phones or their UP ID card
In an attempt to make digital payments accessible to a wider base of users, PayMaya has brought its QR code payment system to the New Marulas Public Market in Valenzuela City, which has become the country's first "DigiPalengke".
In the coming weeks, each LPU Batangas high school and college student will have their own PayMaya-powered Super ID that serves as a tool for attendance monitoring and as a prepaid card that can be used for cashless transactions inside the school premises.
Filipinos can now directly receive Western Union domestic and international remittances into their PayMaya accounts, thanks to an expanded alliance between Western Union and PayMaya Philippines.
Cashless transactions or electronic payment ratio in the Philippines have reportedly improved to as much as 10 percent in the first quarter of this year compared to just 3 percent three years ago.
Besides having the convenience to receive funds in their MCC Plus cards, users will also be able to pay for goods and services in at least 5,000 small businesses.
Expanding the "cashless revolution" farther into the countryside, mobile money operator PayMaya has struck a partnership with regional mall operator LCC to bring cashless payment to Bicolandia.
The Bangko Sentral ng Pilipinas has tapped PayMaya Philippines and other e-money issuers to equip merchants selling within its headquarters in Manila with digital payment touch points.
